There are no two ways about it: the Fed has disappointed financial markets in more ways than one.
The U.S. central bank downgraded its outlook for the U.S. economy and then it failed to take, or even, make any binding promise to do anything about it.
If anything, the bank appeared to be taking an even more dovish line than at its previous policy meeting and has left completely open the possibility of more quantitative easing at its next meeting in September.
