Commodities Move Sharply Lower After the FOMC Decision

The Fed just announced its last FOMC decision for the year 2011. The rates were left unchanged at 0.25 percent vs. 0.25 percent estimates. Fed also released its outlook on the state of the U.S. economy stating that "the economy has been expanding moderately, notwithstanding some apparent slowing in global growth." The Fed also stated that there has been some improvement in the labor market and household spending continues to increase. Earlier today there were some rumors suggesting that the Fed could announce QE3 today, which sent commodity prices higher across the board. After the announcement that did not include a mention of new quantitative easing, the gold futures fell to test lows of the day and crude oil crossed below $100 per barrel.