FOMC's Action No Surprise

NEW YORK ( TheStreet) - The FOMC did what was largely anticipated. Recognizing that consumption has picked up, it slightly upgraded its assessment of the economy.

However,this has been blunted by labor market assessment. In December it has said that the deterioration in the labor market was abating but now says the improvement is not sufficient. This slightly more emphasis on the labor market is the new element.

The continuation of Treasury purchases, coupled with the modification of the labor market assessment triggered a quick push lower on the dollar.

The rise in commodity prices while acknowledged did not alter the longer-term inflation expectations. There were no dissents. Future meetings, especially as the $600-billion purchases near completion, may be more contentious.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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