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These microscopic interest rates are here to stay for a while, the Fed confirmed Wednesday.
That was the crux of the news coming out of its meeting, and the stock market didn’t seem to register much surprise in the first few minutes after the announcement. Most major indices continued to trade both sides of unchanged, as they’ve been doing a lot of the day.
The Fed wrapped up its meeting with a quarterly outlook showing only one member of the Federal Open Market Committee (FOMC) expects a rate hike as early as 2022, and a small handful expect rates to begin rising in 2023. The majority of FOMC members see no rise in rates through 2023, meaning the zero-rate policy in place since last March is going nowhere fast.