There was a view that by not telling a lot ... the Fed could surprise and, therefore, have a greater effect on markets, We don't think in those terms at all.

With the economy operating at close to full capacity, it's important that the Fed be vigilant about the possibility of some acceleration in inflation.

Fed participation in foreign exchange intervention ... risks creating doubt over whether monetary policy will support domestic or external objectives, and this confusion can undermine the credibility of the Fed's commitment to low inflation.

It's not really a surprise.

If the Fed doesn't at least hint that a pause could be on the way, I think that would surprise the market.

In after-dinner talk, Across the walnuts and the wine.