As expected, the Fed left the fed funds rate unchanged at 5.25%. Here is the latest from MarketWatch;

FOMC holds rates steady at 5.25%, keeps tightening bias

WASHINGTON (MarketWatch) - The Federal Open Market Committee on Wednesday held its benchmark federal funds rate unchanged at 5.25% and made little changes to its policy statement. The decision to hold rates steady was expected by traders and economists on Wall Street. Economists said the Fed wants to wait and see whether the weakness in housing and auto production in the third quarter widens into other sectors or whether the economy rebounds. The FOMC maintained its informal tightening bias, saying more rate hikes may be needed. In its statement, the Fed said that the economy is likely to expand at a "moderate pace" going forward. It repeated that inflation pressures should moderate. The vote was not unanimous. Jeffrey Lacker, president of the Richmond Fed, dissented for the third straight meeting in favor of a rate hike.