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Changes "Patient" To "Act As Appropriate", No..>

FOMC
FOMC: Changes "Patient" To "Act As Appropriate", No Rate Change 
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- FOMC removed patient and replaced it with "will act as appropriate"
- See increased uncertainties, will monitor incoming information
- The dots show a 2019 split between no cuts (8 people) and two cuts (7)
- Despite the dot movements, median for 2019 stayed at 2.375%
- The median FFR for 2020 now 2.125% (prev 2.625%); 2020 now 2.375%
- The median long run FFR now 2.500% vs prev 2.75%
- Econ now seen rising moderate pace (prev solid), employment solid
- Inflation remains muted, running below 2%

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