If FOMC members were members of the Board of Directors of a large private company they would likely be fired after coming out of a meeting summed-up as “We don´t know”, although we are “focused” and we “sense”:
Bottom Line: The Fed is plainly focused on raising rates. As a group, they sense the time is coming to begin policy normalization. But they don’t yet know when exactly that time will be. They don’t yet have everything they need to begin, and they don’t know when they will have everything (which is why they need to end calendar-dependent language). We know not yet. June? Maybe, maybe not.
The market´s verdict was more straightforward: June? Less probably so!