The Fed held rates steady and there is a great write up on the policy changes over at CNBC.
The most interesting thing the Fed has said, “Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion.”
Also of note is “further progress toward the Committee’s 2 percent inflation objective” but that’s no surprise to us here as we’ve been expecting labor markets to remain tight as millions of boomers retire each year putting pressure on wages and the labor market.
What Now?
With no Fed cuts it’s easy to continue to buy T-bills and hold cash so stay tuned, stay profitable and stay solvent…