The Fed made a few token changes to its policy statement today, but as expected, no overtures for an impending rate hike.  At least that wasn't the case superficially.  If you want to get a bit philosophical with the Fed verbiage, there was an interesting change that might or might not mean something to you.

The change in question has to do with the Fed's forward guidance on hiking rates as follows (new words in all caps):

"The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen SOME further improvement in the labor market"

While this could be an inconsequential and random insertion, the fact is the only word added or removed to the entire statement outside the first paragraph would seem to suggest it has a purpose.  I think the only question is whether someone reading today's statement was already in tune with the Fed's recent rhetoric or not. 

Simply put, this is very likely the Fed's way of reminding us that we're not far from the first rate hike, be that September or December.  Adding the word "some" seems like an attempt at metering and quantifying how much labor market improvement is needed to motivate a rate hike.  If it didn't move markets too much, it was/is because markets already hear the Fed loud and clear on that stance. 

Ultimately, today's post-FOMC trading completely disappears in even the shortest-term trends.