Nothing in the FOMC statement sets up a June hike

The Fed basically took a June FOMC rate hike off the table with yet-another dovish statement. The Fed acknowledged slower growth, removed references to higher inflation and maintained an "accommodative" stance.

The US dollar initially surged on the removal of a reference to global events causing risks but there isn't nearly enough here to convince anyone that the Fed is prepared to pull the trigger at the next meeting on June 15.

In short, the Fed once again mocked its own dot-plot forecast.