Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets.

Well, hello and welcome to the Wednesday edition of D.C. Today, also known today as Fed Day.

The Federal Reserve did indeed announce their September meeting, FOMC results,

which, of course, as expected, was to leave rates where they are again.

And essentially that is, at a Fed funds rate of between five and a quarter and five and a half percent.

That vote was unanimous and they more or less said that they need to stay restrictive until the resilient economy changes.

Unfortunately to them, the economy has been expanding at a solid pace, and so that's forced

them to stay restrictive for longer.

But they are defining restrictive in that sense as a pause of where they are, not necessarily

needing to go higher. And the philosophy has

been well known for a while. I happen to think it's dead wrong that their price stability

objective requires them to hurt the economy.

But nevertheless, I've talked about that a lot and none of this is new information.

The market had been up 200 points before the announcement.

It dropped about 100, so it was still up 100, but down 100 points after the announcement

and initial release.

But then it rallied back another hundred. So now it was

back up over 200. And then it dropped 150. So it was still about 50 points all the way until the

final few minutes. And then it dropped at the final stretch of the day and closed down just 77 points.

So that was the Dow.

So there was a lot of excitement of up and downness.

I put a chart of the movement in the DC Today.com.

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