1. The Fed is worried about global growth The big change in the statement was inserting a line saying "Global economic developments continue to pose risks." Yellen further emphasized the point in the press conference by singling out China, Canada, Mexico and Europe as spots where growth has disappointed. 2. The Fed discussed inserting a negative balance of risk The Fed removed the balance of risks assessment in the January statement and left it out again this time. The thinking among market participants and economists were that if it returned, it would tilt hawkishly. Not so, said Yellen. She said that some FOMC ... (full story)