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The Fed tapered bond buys for the fourth time by $10 billion to $45 billion per month, as widely expected. This is the second decision by Fed Chair Janet Yellen. This time, it is not accompanied by a press conference nor by economic forecasts.

The dollar was on the back foot towards the release, with EUR/USD climbing back to the high end of the range,  GBP/USD at fresh multi-year highs and USD/JPY at the bottom end of the range. Market reactions are muted, to say the least.

You can watch live coverage of the Fed decision and market  reactions right here:

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The Fed began tapering its QE program in December, by reducing the bond buys from $85 billion to $75 billion. The move was preceded by long months of market preparations. Since then, it has followed through with a taper of $10 billion at every meeting.

In her first FOMC decision, Yellen also dropped the forward guidance regarding leaving the rates low at least until the unemployment rate falls below 6.5%, as the unemployment rate got close to this level. In the press conference, she did say that the Fed could raise rates 6 months after the end of QE. This caught markets by surprise, as the they had expected a rate hike in late 2015 rather than in Q2 2015. Later, the FOMC minutes changed the perception, with a generally dovish tone.

Recent US economic figures out of the US showed a clear distinction between a poor first quarter, in which the US suffered bad weather, and an upbeat spring.