Is that the sound of a furiously backpedalling Federal Reserve? Less than two months ago the Fed was decidedly upbeat. While not quite sounding the all-clear on the US economy, it talked of signs of stabilisation in the housing market and improved readings on inflation. On Wednesday, it had a very different message on those twin threats. Its statement described the adjustment in the housing sector (a risk to economic growth) as “ongoing”. And it said recent readings on inflation have been “somewhat elevated”.

None of that comes as a massive surprise. The Fed, like other mortals, is subject to the vagaries of economic data. By giving a running commentary on its view of the economic backdrop it risks being proved wrong and having to change its tune if the data move against it (as they have in recent months).