BREAKING Fed Leaves Rates Unchanged

As broadly expected, following a meeting of the FOMC, the Federal Reserve monetary policy-setting committee, the Fed has announced that it will maintain the interest rates it controls at current levels.

The target rate for the Fed funds rate will remain between 2.25% and 2.50%

UPDATE 1:

The accompanying Fed statement was, in many ways, very dovish.

UPDATE 2

The Fed released updated guidance around how it is shrinking asset portfolio operation by indicating officials had agreed to technical changes that could result in the Fed putting an end to its balance sheet drain.

UPDATE 3

The Fed also removed from its statement of "gradual rate hike" guidance.

- RW