"Downside risks to growth remain"... "we expect inflation to moderate"... and oh, by the way "strains in the financial market have increased significantly"... Gee, thanks for the update.
The only real update here is reality. Reality remains that the Fed can’t do a whole hell of a lot anymore. With slowing growth and sticky headline inflation, cutting rates further makes the USA look more and more like Japan. The US economy is experiencing stagflation, and the only way out of it is by eventually raising rates like the rest of the world has.
Bernanke blew all of his bullets way too early in this financial crisis. He did not have a process to proactively predict current market risks.
Now, he is in a politically compromised box, feeling shame.