Fed Copy Machine In Good Working Order

No change in policy from the Fed today on interest rates or securities purchases and the statement was mostly a photocopy of the March one as well. 

The only change was some comments that the economy has improved slightly since March (FOMC April 29 Statement):

Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower.  Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit.  Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing.  Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time.

So it’s a non-event though markets are up a touch since the announcement.