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The only change of substance in the FOMC statement compared to the one given in March is the wording on inflation albeit very slightly, likely to address the reality of higher commodity prices but to also assuage some of the more recent vocal members such as Plosser and Fisher (even though they still voted for current policy again). They reiterated that “Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March.” Added was “Inflation has picked up in recent months” but stated again that “longer term inflation expectations have remained stable and measures of underlying inflation are still subdued.” Bottom line, there is very little change in Fed speak, guns will still blaze until June 30th and I don’t expect much different when Ben speaks at 2:15pm. The next meeting in June will likely be the key time for them to tell us more about what comes next. In terms of the US$, the market has spoken as the euro is at the high of day as is gold.