The Federal Reserve decided to keep the interest rate ‘unchanged’ and everything else pretty much also remains the same - until the Fed meets next time. However, the grumpy old ‘inflation hawks’ were quite unhappy with the Fed and market sold off, DOW dropping more than 300 points and NASDAQ lost more than 100 points, however, before the close NASDAQ pared back most of the losses but the DOW was down 265 points at the close.

Below is the most important part of the Statement Issued by the Fed today:

The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals. 

Editor: Daily Stock Deals

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