FOMC: Another incremental step towards a liftoff in rates

The FOMC statement appeared to be another incremental step towards a liftoff in rates, though with the Fed maintaining their 'data-dependent' approach, upcoming data could be just as important to rate expectations as last night's Fed meeting. 

There were just a few small changes to the FOMC statement, and overall they can be characterized as mark-to-market adjustments of the Fed's near term economic view. The biggest update was their recognition of continued improvements in the labour market. 

"The first cut of US Q2 GDP out tonight will be closely watched. Our economics team are above consensus in calling for a firm print of 3%+ q/q (consensus 2.5%), supported especially by a consumer putting in an impressive quarter close to 3%," says RBC Capital Markets.