Sallow
The Big Bad Wolf.
The December FOMC decision is out.
The Fed will taper asset purchases to a monthly rate of $75 billion from the current $85 billion pace. Half of the reduction is in Treasury purchases and half of the reduction is in purchases of mortgage-backed securities.
However, the FOMC did not modify its forward guidance, leaving the unemployment rate threshold for the first rate hike at 6.5%.
The Committee also released updated Staff Economic Projections. The central tendency for its 2014 unemployment rate forecast is now 6.3% to 6.6%, down from 6.4% to 6.8%.
Read more: FOMC Meeting December - Business Insider
The Market initially took a dip and then shot up. Bernanke held a news conference (probably his last) and was pretty straight up with what's happening. The Economy's been getting stronger.
He leaves on a high note after what was a heroic and successful effort to rescue the US economy.
Well done, Chairman.