Risk-On Party Resumes in Stock Market as Fed Remains ’Patient’

A woman walks past the Marriner S. Eccles Federal Reserve building in Washington, D.C. Jan. 27, 2015.

Photographer: Andrew Harrer/Bloomberg

The knee-jerk initial reaction to the Federal Reserve statement is risk-on in the stock market, with benchmark indexes heading higher after the Fed maintained its pledge to be “patient” on raising interest rates.

Treasury yields are still solidly lower on the day, with the 10-year rate at 1.78 percent after heading right back to where it was before the statement following a quick one-basis point gain. The dollar is stronger against 12 of 16 major peers.

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