Rates as of 0500 GMT

Market Recap

A day with big events planned resulted in only small moves in the US stock and bond markets as the meeting of the Feds ratesetting Federal Open Market Committee FOMC went pretty much as expected.

The Fed upgraded its view of the economy in the statement following the meeting, as shown below

Last month
This month

Following a moderation in the pace of the recovery, indicators of economic activity and employment have turned up recently.
Amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened.

the sectors most adversely affected by the pandemic remain weak
The sectors most adversely affected by the pandemic remain weak but have shown improvement

. Inflation continues to run below 2 percent
Inflation has risen, largely reflecting transitory factors.

The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook.
The ongoing public health crisis continues to weigh on the economy, and risks to the economic outlook remain.

The latter change is the most important, as it upgrades the Feds view on the risks. Note that they no longer think the ongoing public health crisis presents a specific risk to their policy goals of employment and inflation and that overall, they downgraded the issue from considerable risks to just…