James Knightley has done an excellent job on the Fed decision and to spare you having to listen to the "monkey", when you can go straight to the "organ-grinder", here's a link to his note. I've very badly redrawn the dot diagram below (one of my younger and abler colleagues will no doubt improve on this later today), but you get the picture. All it would take would be a few dot downgrades next time to suggest no tightening bias at all. Further interest can be found in the intentions on the balance sheet roll down, which ends sooner and is tapered down to zero - but it's all covered in Knightley's note... Very Dovish. ... (full story)