"The lack of inflationary pressures is a key takeaway. In addition, the first paragraph returned to a discussion of market-based and survey-based inflation expectations separately. Treating them symmetrically was no longer possible, but the FOMC tends to be leery of putting too much weight on TIPS-based expectations." -Seth Carpenter, economist at UBS
"It's clear that recent market movements have led to a material shift in the Fed's policy reaction function. Most importantly, we would need to see inflation pick up and financial conditions ease with a resolution on some of the global downside risks." -Bank of America Merrill Lynch
"Ordinarily, with unemployment below what the Fed’s own economists consider to be ‘full employment,’ the central bank would continue to tighten monetary policy. However, with a stock market, and other markets, so clearly dependent on cheap money, the Fed has boxed itself into a corner." -Octavio Marenzi, chief executive of Opimas
"In contrast to when the Fed paused its tightening cycle in early 2016, we judge that the economy is now close to full employment. In the past couple of economic cycles, when the unemployment rate fell to the sort of level it is now, a recession followed not long after the Fed’s last rate hike. We are not forecasting a recession, but we do expect growth to slow sharply." -Simona Gambarini, analyst at Capital Economics