My read:
-- The FED has limited parachutes (in lowering rates and purchasing low-risk paper), and feels it deployed these things properly to address the financial crisis.
-- Exiting the financial crisis is important not only for price stability ("fighting inflation" on the upside) but also to assuage downside ("too-tight capital") fears.
-- The FED has started gathering/bundling the interest rate parachute(s).
-- The FED has previously announced its intention to gather the QE 'paper-purchase' parachute, but with no date(s).
== Thusly:
-- They keep an interest rate hike off the table -- prices (wholesale/retail) and wages don't uniformly support a higher rate. This is "The Economy"....
-- "The Market" though (with a continuing collection of All-time Highs) supports the gathering/bundling-up of putting the Balance Sheet assets back into the financial markets.
== IF THE FED DOES announce not just an intention, but a recipe (including dates and target principle amounts), the market will plunk down -- 0.00% -- 0.50% by tomorrow close.
== IF THEY DON'T, but simply mouth more platitudes to the 'necessity of freeing policy tools for foreseeable future policy actions,' the market pops 0.5% to 0.75% tonight.
Disclosure:
I'm realllllly tight on top, and am sweating bullets.