Market Wrap: After trading without much conviction for most of the session, our benchmark FNMA 6.0% bond fell 25bp to close at $99.75 in the aftermath of the Fed's interest rate decision and policy statement. A sharp rally in the stock market stemming from the Fed's decision to keep interest rates on hold at 2% along with oil prices falling below $119/barrel helped pull money away from the bond market and into stocks. A key phrase in policy statement was 'the inflation outlook remains highly uncertain' and it appears the Fed is willing to keep interest rates on hold for now in favor of economic growth over fighting inflation. It was surprising to see Philly Fed President and known inflation hawk Charles Plosser vote with the majority to keep interest rates on hold while another hawk, Dallas Fed President Richard Fisher, voted for a rate hike. Regardless, the stock market was pleased with the outcome while the bond market was hit with a wave of late session selling. The major indices rocketed higher with the Dow gaining 331 points to close at 11,615 while the NASDAQ Composite Index jumped 64 points to close at 2,349. The broader S&P 500 Index shot 35 points higher to close at 1,284.