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Short and simple, a change in the statement, but no change in rates.

The economic overview remains the same, word for word, with solid growth, strong job gains

and inflation that's eased over the past year, but remains elevated.

And then a new line.

In recent months, there has been a lack of further progress toward the committee's 2% inflation

objective.

Still, the statement says, risks to achieving its employment and inflation goals have, quote,

moved toward better balance over the past year, putting the assessment in the past tense,

and adding over the past year.

The additions to the statement would seem to ratify the market's view

that there will not be three rate cuts this year, if any, at all.

...