The May FOMC meeting has concluded today and as anticipated the Federal Reserve has left interest rates alone. According to the statement released immediately following the conclusion of today’s meeting the Fed “will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate.” In a unanimous vote of 10 – 0 voting Federal Reserve members decided to leave the target range for benchmark federal funds rates at 2.25% - 2.5%.Gold and silver prices are moderately higher in midday U.S. trading Tuesday, supported by a drop in the U.S. dollar index early this week. Also, the competing asset class of U.S. equities is weaker today. June gold futures were last up $3.40 an ounce at $1,284.90. July Comex silver was last up $0.027 at $14.96 an ounce. “Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.” The initial reaction in the financial markets ran in tandem with recent strong economic data, with U.S. equities and gold prices moving higher. Noteworthy data included a robust 3.2% annualized pace of GDP from January to March. However, both U.S. equities and gold pricing would take 180° turn as Fed Chairman Jerome Powell began his press conference. Within the first five minutes of Powell’s press conference U.S. equities and gold both began to selloff dramatically and the U.S. dollar firmed.