BIG BEN

Big Ben spoke today.

The Fed left things alone, to put it plainly. Some pundits are saying rates won't get changed until at least 2015. That could turn out to be true. But the market, as it always does, will have the last say.

And the market has already started raising rates.
Bernanke repeated his previous palaver, claiming tapering doesn't amount to hiking interest rates.

Below is a statement from the FOMC.

"To support continued progress toward maximum employment and price stability, the committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens," the FOMC said.

The Fed may push this as an example of more transparency. But the market may interpret it differently.