The Federal Open Market Committee left interest rates unchanged as expected as well as a majority of its policy statement from previous sessions.
The Dollar fell and stocks rose as the Fed kept its balance sheet intact while changing the composition of said balance sheet by moving out of mortgages and into long-term Treasuries.
The Fed also said that inflation is “subdued” without specifically mentioning any issues with deflation. It also added that interest rates would remain low for “an extended” period.
The FOMC vote was not unanimous, as Kansas City Federal Bank President Thomas Hoenig once again remained the lone hawk. The vote was not “bookended” by any doves as some had anticipated.
The news weakened the Dollar by fueling short-covering rallies in most major Forex markets. 
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