Fed Waiting for ECB's Next Move

Dan Greenhaus of BTIG makes a point of two changes in the FOMC statement. First is the downgrade of economic assessment and the other being the word change that the Fed will "closely monitor incoming information...and will [rather than just being prepared to] provide additional accommodation as needed." He says policy makers "are most certainly waiting to see what the ECB does and whether any steps they take boost global output." The Fed's European brethren meet Thursday while the next FOMC meeting is in mid-September. So the ECB gathers twice before then.