No Surprise From The Fed

As expected, there was little surprise from the FOMC in their announcement today.

The Fed held rates at 5.25%. Other comments included:

• Fed says inflation pressures likely to moderate over time
• Says economy likely to expand at moderate pace
• Says core inflation has been elevated
• Says economy reflects 'cooling' housing market

The 10-year yield is down a bit more to 4.80%. Stocks bounced in their initial reaciton.