-  Monthly bond purchases cut by $10B to $35B 
-  Fed sees slightly higher Fed Funds rate in 2015 (1.2% vs. 1.125% in March) 
-  Majority expect first rate hike in 2015 
-  Nearly all of the changes in the FOMC statement was in the first paragraph description of economy 
-  No Dissents – All new members vote in line with majority 
-  Policy remains accommodative, Fed repeats low rates likely 
-  Fed notes rebound in economic activity and improvement in labor market 
-  Unemployment rate though lower, remains elevated 
-  Household spending appears to be rising more quickly, business investment resumed its advance 
- Forecast changes – lower unemployment rate, higher inflation and significantly weaker growth 
   a.   2014 Unemployment forecast cut to 6%-6.1% vs. 6.1%-6.3% in March    b.   2014 Inflation forecast raised to 1.5%-1.7% vs. 1.5%-1.6% in March    c.   2014 GDP growth cut to 2.1%-2.3% from 2.8%-3% in March