Trading the Fed's interest rate decision

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4 Trades to make after today's Fed decision   

The Federal Reserve's policymaking committee held its short-term interest rate target Wednesday, and "Fast Money" traders looked for the best way to play the decision.

The U.S. central bank kept its rate target at 0.25 to 0.5 percent and cut its expected target for the end of the year. The U.S. dollar fell relative to major global currencies and gold prices rose in the wake of the decision.

"I think you stay with the gold market," said trader Guy Adami, noting that he would play it through the Market Vectors Gold Miners ETF.

Federal Reserve Chair Janet Yellen.
Joshua Roberts | Reuters
Federal Reserve Chair Janet Yellen.

The fund has soared more than 50 percent this year amid a roughly 19 percent climb for gold prices. Trader Brian Kelly agreed that gold prices will rise.

If economic growth brings higher inflation, the metal should benefit, and if the U.S. economy slows down and the Fed attempts to weaken the dollar, gold should also rise, Kelly contended.

Other traders looked to stocks after the Fed's decision. Adami said Expedia looks appealing after its analyst day on Wednesday.

The stock fell on the day, but Adami believes it will rise Thursday.

Trader Steve Grasso touted shares of chemical company Olin Corp, which he owns. The stock climbed more than 2 percent Wednesday, but has fallen 45 percent in the last year.

Disclosures:

Guy Adami

Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.

Karen Finerman

Karen is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, NRF, PLCE, SPY puts, URI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.

Steve Grasso

Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long AMZN kids own EFA, EFG, EWJ, IJR, SPY

Brian Kelly

Brian Kelly is long BBRY, Bitcoin, Eurodollars, GLD, GLD puts, SH, SLV, TLT, US Dollar, UUP, Yen; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures