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The Goldman Sachs analysts offer their take on Wednesday’s FOMC decision, where the Fed pledged to maintain bond buys until the economy sees ‘substantial’ gains.

Key quotes

“FOMC left the funds rate target range unchanged at 0-0 25%.

“Provided new guidance on the timeline for tapering asset purchases by announcing that it will continue to increase its asset holdings at the current rate “until substantial further progress has been made toward the Committee’s maximum employment and price stability goals.”

“FOMC did not announce charges to the maturity composition of its asset purchases.”

“Summary of Economic Projections (SEP) was somewhat more positive than we expected in terms of growth, the labor market, and inflation. “

“However, the dot plot showed only one additional participant (five total. vs. our expectation of six projecting a rate hike by 2023. “