The Federal Reserve was never going to hike rates yesterday. This meeting was all about whether the FOMC would use the statement to prepare the market for a potential hike in September or whether the prospects of a rate hike would be deferred further again. The FOMC decision has initially hit the dollar, but it will be interesting to see if the move lasts. The mild shift to a more hawkish language arguably leaves the door ajar for September but hardly gives a decisive signal. With the Fed so cautious historically, you would think that only a decisive signal would really be required after such a period of ... (full story)