- 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
Open trading account 
