- There's little surprise as the Fed continues to taper its asset purchases and says future moves will be data dependent.
- As for ZIRP, the FOMC expects it will remain in place "well past the time" when the headline UE rate falls below 6.5%, "especially if projected inflation continues to run below the Committee's 2 percent longer-run goal." Eurodollar futures are pricing in about 100 basis points of tightening between now and December 2015.
- The vote in favor of today's action was unanimous.
- Equities slip to session lows in wake of the news, the Dow (DIA -1%), S&P 500 (SPY -0.8%), and Nasdaq 100 (QQQ -0.9%), and Treasury yields continue five basis points lower on the session, the 10-year at 2.71%. TLT +0.4%.
at Zacks.com (Nov 18, 2014)