Fed's zero interest-rate policy stretches into seventh year

The Federal Reserve announced Wednesday afternoon that it would not raise its target for interest rates, pushing its zero rate policy into a seventh year.

The central bank also raised expectations for its next meeting in December, saying that it would determine whether it was "appropriate" to raise rates then.

December is the earliest investors had expected such a move. Following Wednesday's decision, odds for the Fed to raise rates rose to 50-50, as implied by bond market prices.

There have been conflicting sighs about the possibility of a rate hike at the December meeting.

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