Commentary from Richard Clarida, PIMCO's global strategic advisor

Fed statement said:

  • Labor market strengthened
  • Economic activity has been expanding at a moderate rate.
  • Acknowledged "Near-term risks to the economic outlook have diminished"
  • Offered no guidance
  • So for now, the Yellen Fed has given up on "calendar guidance" but is unwilling - or unable - to replace it with outcome-based guidance, or really any guidance whatsoever. This is a Fed that prizes "optionality" above all else.

That pretty much sums it up.