Fed watcher Hilsenrath (WSJ): In addition to retaining "considerable time" language, Fed unveiled new details how it would manage mechanics of interest rate rise when its time arrives
- Says the "exit strategy" introduces new instruments that will help the Fed move short-term rates once officials decide the economy can manage tighter credit.
- By laying out exit strategy, Fed took new steps toward winding down easy policy.
- Fed avoided the more dramatic step of signalling when rates would start to go up because economy is not yet sufficiently strong.
- Fed's growth projections through 2016 were all marked down.-
Growth projections through 2017 also shows Fed is less convinced economy can sustain 3% growth rates.