The crux of the statement was unchanged (from the last meeting). They said that policy remains accommodative, but that the central bank will respond to changes as needed. That's been the mantra since the tightening period began last June.
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The big picture for the consumer still looks good.Stephen Stanley
There is sufficient upbeat news on the economy to convince the FOMC to tighten. If the economy warrants a rate hike, the Fed would be doing a great service by delivering.
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The labor market appears solid heading into 2006, which could have bolstered the confidence reading in January.
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