The Fed: Slightly Hawkish, but QE3 Still on the Table

The changes in the Fed statement from January to April are highlighted below:

 

Fed forecasts have generally improved.  The changes that are greater than .1 are highlighted below:

 

In terms of the timing of policy firming, the Fed became more hawkish in April.  Two members shifted their idea of appropriate timing of policy firming from 2016 to 2015, while two other shifted from 2015 to 2014.