SPDR S&P 500 (SPY)

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"WASHINGTON (MarketWatch) -- Federal Reserve policymakers on Tuesday decided to take a small easing step given that the recovery is likely to be more modest in the near term than had been expected. The Federal Open Market Committee announced that it would reinvest maturing mortgage-backed securities back into the market so that its balance sheet does not shrink. Fed watchers described this as a symbolic move designed to show concern with the outlook. As expected, the Fed kept its benchmark interest rate at a record low level. The central bank made no changes to the key pledge to keep rates "exceptionally low" for an "extended period." Thomas Hoenig, the president of the Kansas City Federal Reserve Bank, dissented for the fifth straight meeting in favor of getting rid of the "extended period" pledge. He also said he did not support reinvesting MBS securities. "

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