As Expected, Fed Delivers “Nothing Burger”

The Federal Reserve’s policy committee meeting ended today with the release of a statement that did nothing more than acknowledge a modest improvement in the U.S. economy while updating references of September to October and August to September.

Short-term interest rates were left at the freakishly low rate of between 0 and 0.25 percent and the promise to keep them there until mid-2015 was again provided.

The Fed acknowledged an improving housing market and indicated it will continue to purchase $40 billion in mortgage-backed debt per month in order to ensure that mortgage rates also remain freakishly low.

As usual, the last two policy statements are shown side-by-side below: