The Federal Open Market Committee (FOMC) didn’t make any adjustments to monetary policy at its meeting today: no new asset purchases, no new guidance as to when economic conditions are expected to improve, and no new moves on interest on reserves. Yet, this is still news. The FOMC acknowledged that economic growth is slowing and stated that, “the Committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed.” That’s become boiler-plate language since I’d hardly expect them to say they won’t monitor information as it comes in, or that they won’t do something if needed. However, much will likely be made of this addition to the statement, intimating that the FOMC is an inch closer to more easing. However, I think that might be reading too much into that addition. Regardless, the Jackson Hole Symposium taking place at the end of August will be much more important than this policy statement.