FOMC announces QE taper, USD drops and stocks jump
The Federal Open Market Committee (FOMC) has just announced its latest monetary policy decision. The US central bank left interest rates unchanged as expected. However, a long-awaited QE tapering announcement has finally arrived. Fed said that tapering will begin in November and purchases will be reduce at the pace of $15 billion per month ($10 billion in Treasuries and $5 billion in MBS). Central bank said that it is ready to adjust the pace of tapering if needed. USD weakened after the announcement with EURUSD spiking briefly above 1.16. Stock indices moved higher - US500 hit 4,360 and DE30 reached 15,960 pts.
Market attention now turns to the press conference of Fed Chair Jerome Powell (start at 6:30 pm GMT). Powell will explain the decision in detail and reasoning behind first and later will answer journalists' questions.
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US500 jumped following the FOMC decision announcement and reached a new all-time high near 4,630 pts. Source: xStation5
