Stock Market Update

[BRIEFING.COM] The major indices have been in a sideways drift leading up to the FOMC decision, which was just released.

As expected, the FOMC voted to leave the target range for the fed funds rate unchanged at 3.75% to 4.00%. The decision was not unanimous.

Fed Governor Cook and Cleveland Fed President Hammack dissented on the basis of wanting to raise the target range by another 25 basis points.

The stock market's initial reaction to this expected decision has been muted. Attention will now turn to Fed Chair Warsh's press conference, which begins at 2:30 p.m. ET.