Federal Reserve forgoes rate hike

The Federal Reserve held off on a rate hike Wednesday, falling in line with what had widely been predicted ahead of decision day. "A December rate hike is more likely," Jeremy Zirin, the chief equity strategist at UBS Wealth Management Americas, told USA Today. "The Fed doesn't want to be disruptive to the market, and it would clearly be a surprise to the market," had the hike come today.

That was what it sounded like from the Fed's announcement, too:

The language suggests the committee is lining up for a December move: "The case for an increase in the federal-funds rate has strengthened." That's the language [Janet] Yellen used last month in her Jackson Hole speech.

But the committee said it decided "for the time being, to wait for further evidence of continued progress toward its objectives." [The Wall Street Journal]

U.S. stocks were traded higher on Wednesday in anticipation of the Fed's policy meeting and after the Bank of Japan announced a "new framework" in a surprise decision as part of an effort to boost the economy.