Grand Central: Here's What the Pros Are Saying About the Fed Ahead of Policy Meeting

The Federal Reserve’s two day policy meeting concludes today. Here is a rundown of market commentary that preceded the decision, with our take on it:

Louis Crandall, of Wrightson ICAP, notes this week’s Fed policy statement will mark a milestone in Fed interest rate guidance. “The Fed will finally retire its calendar-based forward guidance and make the transition to a data-dependent, meeting-by-meeting approach. That inevitably implies greater uncertainty about the outcome of individual meetings, but does not necessarily imply greater overall uncertainty about the medium-term outlook for Fed policy.” OUR TAKE: The Fed left the last remnant of calendar-based guidance in its March statement, saying it wouldn’t act in April. Now it is gone and we live in a data-dependent world.