Market Analysis

The Fed held rates steady but added language about the level of inflation that signals thier increased concern (see below).  The deterioration we saw in the bond market at about noon CST though has not worsened further so far, so we may not have another updated rate sheet.

"The committee expects inflation to moderate later this year and next year," according to the statement. "However, in light of the continued increases in the prices of energy and some other commodities and the elevated state of some indicators of inflation expectations, uncertainty about the inflation outlook remains high."