There's some debate over whether the Fed is now hinting that it will cut interest rates. I believe that it has opened the door to that possibility, though certainly NOT indicating that an easing is imminent.
Let me allow the Wall Street Journal to help me. They've put together a great graphic comparing today's statement to the January statement:
With the Fed now in a "balanced/symmetric" bias from a tightening bias in spite of the statement's continued language about inflation, one has to ask, 'why go to a symmetric bias while still talking inflation troubles? It's not rocket science folks -- yes, the Fed is concerned about risk of a hard landing and is preparing to react later this year. What the Fed has left out of the statement vs. January is as important as what's in there.