New York Federal Reserve Building. Photo: Reuters/Keith Bedford

If the Fed had hired Jean-Paul Sartre (the author of “Being and Nothingness” to write today’s FOMC statement, it couldn’t have said less.

According to the Fed, “Job gains were solid, on average, in recent months, and the unemployment rate declined. Household spending rose only modestly, but the fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed. Inflation measured on a 12-month basis recently has been running close to the Committee’s 2 percent longer-run objective. Excluding energy and food, consumer prices declined in March and inflation continued to run somewhat below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.”