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No Change from FOMC; Fed Calls for More Govt Spending

Though nothing new was expected from the Federal Open Market Committee’s two-day regular meeting last week, you can bet investors had at least one ear tuned to it—just in case. In the event, not much happened, and it couldn’t have gone more smoothly if it had been scripted. Wait, it was in a way. No policy news emerged from the FOMC meeting, and that was the way stock markets liked it.

Federal Reserve Chairman Jerome Powell reiterated his view Wednesday that the U.S. economy faces a long road to recovery. He also reiterated the FED would maintain “aggressive” measures to support the economy. While that seems redundant, you can bet markets would have fallen if not for the repeated guidance.

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