The Federal Reserve upgraded its assessment of the labor market, and changed the future guidance from "considerable time" to "can be patient in beginning to normalize the stance of monetary policy." The statement also draws a distinction between market-based measures of inflation expectations, which have fallen, and survey-based measures, which are stable. We expect Yellen to indicate that the change in wording is not a change of intent. There were three dissents: Fisher and Plosser from the hawkish side and Kocherlakota from the dovish side. Fisher is not advocating an immediate hike, as the dissents at the BOE ... (full story)