WSJ has a great new tool that allows you to quickly see the changes between two Fed policy statements. The changes made in today's FOMC statement versus the January statement can be found here. Crossed out text is text that has been eliminated from the January statement and highlighted text is text that has been added.
The changes continue to support my contention that Fed members are nothing but trend watchers and that they have no understanding of business cycle theory. All the changes essentially reflect small changes in trend.
Amazingly, there is not one mention of the money supply or the monetary base.
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