July's FOMC statement reads very much like the June statement. There were some minor tweaks in the first paragraph that discusses the broad economic performance since the last FOMC statement. There was little change in the assessment of inflation, which was a keen interest to investors. As in June, the Fed recognized that inflation was running below the 2% target and that it would be watched closely.
While there were limited changes in the statement, most of the changes appeared in the paragraph that discussed the balance sheet. The Fed seemed to bring forward its June guidance as it prepares the market for a September announcement.
Specifically, it began the paragraph with a conditional "For the time being..." the Fed will maintain its current practice of reinvesting principal payments. It indicated it would begin the normalization program "relatively soon," which is what Yellen said at the press conference after the June meeting. This is consistent with a September announcement for an October commencement of not reinvesting the maturing proceeds in full.
With little new information in the FOMC statement and no surprises, the passing of the meeting allowed the market to do what it was doing before the calm around the FOMC meeting. Which is to push US rates and the dollar a bit lower. Sterling is posting an outside day and a close above Tuesday's high (~$1.3085) would likely signal a move toward last week's high near $1.3125 at least. The euro rebounded from a test of $1.1615 to retest Tuesday's high (~$1.1710). The pullback in US rates dragged the dollar lower against the yen. The greenback had been near session highs (~JPY112.20) before the FOMC statement. It was sold below JPY111.50.