The Federal Reserve's two-day meeting concludes today. There is little doubt that it will stand pat. There is not press conference afterward, so the statement is the only thing investors will get. The statement is important. We argue that the FOMC statement is the clearest expression of the views of the Fed's leadership. The minutes are more comprehensive they dilute the signal from the Fed's leadership, and it conflates the difference between voters and non-voters and between the Governors and regional Presidents.