Fed Decision Recap

As expected, the FOMC maintains previous policy and left rates unchanged in the range of 0.00 percent to 0.25 percent, although they did remove the "considerable time" phrase, replacing it with "patient". Some notable takeaways:The FOMC said the "labor market indicators suggests that underutilization of labor resources continues to diminish"GDP forecast in the 2.6 percent to 3 percent rangeFed Chair Yellen says language change does not change Fed's view, and that job growth has been strong. She also felt inflation expectations were likely to be transitory. Overall, the upbeat tone of the FOMC statement seemed to be the focus of traders, as the S&P 500 futures jumped 14 points following the release.