The Fed results are in and there are no surprises. While the language on the Fed statement changed quite a bit, the overall message is basically the same. QE (bond buying) wrapped up as expected. Rates will likely stay low for a considerable amount of time. The labor market is improving, as is consumer spending. And once again, the biggest concern is inflation running below the 2% target rate. The Fed did mention that lower energy prices will likely hold inflation down in the near-term, which is interesting because they tend to focus on core inflation (which doesn't include energy and food prices). Another small but interesting point was FOMC member Kocherlakota voting against the Fed's current action. He believes the Fed should commit to the current rate target range until a more significant rise in inflation expectations occurs. He also felt the Fed's bond buying should continue at its current level. Check out the link to see how the statement changed. (VIEW LINK)