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As had been widely anticipated, the Fed have announced the ending of their bond-buying program (known as QE3) in the statement at the end of the 2 day FOMC meeting.
While the announcement came as no surprise the general tone of the announcement from the FOMC has been seen as somewhat more optimistic on the US economy than previously. As a result attention has once again shifted to the possibility of a move up in rates in the US earlier than the mid-2015 time frame which had been broadly expected. There is still plenty of caution from the Fed (they are still using the phrase “considerable time” when discussing how long the Fed Funds rate will stay st record lows), but the slightly more up-beat tone saw the US$ rally strongly and the equity market weaken (although it closed only a little down after a bigger decline on the statement release).
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