Federal Reserve punts, for now

Posted by Mohamed A. El-Erian - CEO of Pimco

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What’s most significant about the Federal Reserve’s latest statement is what it did not address: tapering bond-buying and future policy guidance.

FORTUNE — After the discomforting volatility of May and June, the Federal Reserve opted today for market tranquility. As a result, two (if not three) consequential decisions are now pushed to September — raising the question of whether the current pursuit of market calm will develop deeper roots in the interim or, instead, come at the cost of greater instability down the road.

The three main things that the Fed told us this afternoon at the conclusion of a two day policy meeting can be read about HERE