The Federal Reserve left the Fund rate unchanged at 0 and plans to keep it there until max employment is reached.
They did announce their plans to double the amount of tapering to 30B a month.
Anticipation is for 2-3 rate hikes next year and up to three the following year after that.
The policy moves expressed came as a response to rising inflation, which is running at its highest level in 39 years. AND it seems they are eliminating the word transitory when referencing inflation.
The markets saw the Dow, NASDAQ and S&P500 all in negative territory and near lows of the day prior to the announcement. After and in to the close they all cranked higher and finished at or near their highs. I want to get bullish, but I want to make sure I see some follow through, and today’s action wasn’t just short covering.