Reacting to the Fed

Here's how a few Wall Street strategists reacted to the Fed's announcement today: 

Charlie Ripley, senior investment strategist for Allianz Investment Management:
The pace of the recovery may have slowed in recent months as virus cases have surged across the country and the Fed appears to be in no hurry to change the status quo. The committee reiterated their dovish policy stance and the need to maintain accommodation until its clear the economy has recovered from the economic fallout caused by the pandemic. Ultimately, the Fed does not intend to upset the applecart until some certainty and clarity can be instilled in the economic outlook as progress is made towards price stability and full employment.

Chris Zaccarelli, chief investment officer for Independent Advisor Alliance:
Markets are forward-looking and a high-priced stock market concurrent with a damaged economy has happened in the past and that divergence can continue for a longer period of time than many people believe. However, at some point there will be convergence.  Whether the economy recovers before the market pulls back, or stocks pull back before the economy recovers is the (multi) trillion dollar question.

Gorilla Trades strategist Ken Berman:
Mr. Powell's dovish words mean that the Fed will be ready to support growth with further measures if needed, which is reassuring for equity bulls, although the dollar could remain under pressure in the coming months.