Fed maintains guidance for low rates to 2013

In yesterday's FOMC meeting, the committee maintained its pledge to keep the Fed Funds rate in the 0%-0.25% range until at least mid-2013. They did note some improvement in the overall labor market, but there is still substantial concern around the unemployment rates and the still struggling housing market.

The market did not respond favorably to the meeting as many investors were hoping for additional stimulus from the Fed.  As of now, the committee seems content to let their actions play out.  Economic news and unemployment do seem to be heading in the right direction, but just not fast enough.  The first meeting of the new year will be on January 25th and barring additional issues in Europe, don't expect anything new from the Fed.