Kevin Mahn at Hennion & Walsh Asset Management interpreted the Fed’s statement as follows:

“The Fed essentially was not concerned with weak first-quarter GDP growth (attributing the dramatic slowdown to transitory factors) and believes that economic growth will be stronger for the balance of 2015,” Mahn said. “However, it suggested that it now needs time to make sure its expectation of this economic rebound proves correct by reviewing future economic data releases. Many now believe that the chances of a rate increase by midyear (i.e. June) have greatly diminished.”

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