Fed still patient in spirit, but tone of meeting was dovish

The FOMC dropped the "patient" guidance from its statement - as widely expected. But Standard Chartered Research comments, "Our impression after the FOMC meeting and Chair Yellen's press conference is that the Fed remains in no rush to raise rates." 

The Fed has shown increased sensitivity to the weaker domestic growth data lately (with strong payroll numbers seemingly taking a backseat), and more sensitivity to the impact of its own policy on the global outlook.

Although US dollar (USD) strength was not explicitly 'talked down', Chair Yellen mentioned its negative impact on inflation and recent export performance. 

Yellen also mentioned the asymmetric risk of moving rates from the zero lower bound, another sign of caution.