The short version: QE2 to end on schedule, "extended period" language remains in the statement, and of course there's no "inflation" problem.

For immediate release

Information received since the Federal Open Market Committee met in March indicates that the economic recovery is proceeding at a moderate pace

That's an economic downgrade.  Guess why?

and overall conditions in the labor market are improving gradually.  Household spending and business investment in equipment and software continue to expand.  However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. 

No, really?  Might have something to do with the fact that it appears that a huge number of these loans aren't really owned by the people who claim they own them, and maintaining that scam allows these firms to maintain their fiction of solvency - but should anything change on that.....

Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March.  Inflation has picked up in recent months, but longer-term inflation expectations have remained stable and measures of underlying inflation are still subdued.

They have?  The surveys I've seen have all indicated significant upticks in those expectations, with all now being well beyond the claimed Fed Mandate (never mind that "Stable" doesn't mean "increasing in price by 2% a year.")

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. 

You mean "consistent with our intentional refusal to actually adhere to our mandate."  And since there's no "or else" in the law, well, we can just ignore it at will!

The unemployment rate remains elevated, and measures of underlying inflation continue to be somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate.  Increases in the prices of energy and other commodities have pushed up inflation in recent months. 

That's new.  The word "inflation" was missing last time.  First admission?  Hmmm...

The Committee expects these effects to be transitory, but it will pay close attention to the evolution of inflation and inflation expectations.  The Committee continues to anticipate a gradual return to higher levels of resource utilization in a context of price stability.

Of course you do.  I anticipate that 10 Dallas Coyboys Cheerleaders will blow me this evening, but the odds of it actually happening are approximately identical to the risk of my being hit by an asteroid this afternoon when I walk out to get my mail.

To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November.  In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and will complete purchases of $600 billion of longer-term Treasury securities by the end of the current quarter.  The Committee will regularly review the size and composition of its securities holdings in light of incoming information and is prepared to adjust those holdings as needed to best foster maximum employment and price stability.

And Oil remains over $110 with gasoline popping the $4 mark.  That's price stability for 'ya.  The only thing "stable" is the number of stallions that are attacking the American middle class' bank accounts from both sides - first from the fact that retirees have been literally raped raw through the collapse in interest rates on safe investments, and then again on the price of food and energy. 

Make sure you say thanks, Granny and Gram, to the ChairSatan.

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period. 

Of course they are.  Not a mention about the fact that to simply get the IRX to rise to 0.25% you'd have to sell off nearly a trillion from your balance sheet.

The challenge continues to be the irrational belief that this will never be necessary and can be conducted in a "controlled" fashion at some point in the future - with the "future" remaining undefined. 

Uh huh.

The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen.

Well well well.  DICK Fisher...... So much for the loud screaming; it was all misdirection.  The truth?

You're a lying sack of crap.