In a decision that shocked no one, the Federal Reserve reduced quantitative easing by another $10 billion, cutting its monthly asset purchasing program to $45 billion per month. And after initially faltering, stocks cheered the news, with the S&P 500 continuing the steady uptrend it has enjoyed all week.
"The Fed understands the risks involved with a removal of accommodation and I believe in their eyes, boring is good right now," wrote Peter Boockvar, chief market analyst at The Lindsey Group.
Read More Fed tapers another $10 billion
For trader Jim Iuorio of TJM Institutional Services, the Fed is walking a tightrope with expert ability.
"The Fed did a decent job of staying committed to balance sheet reduction while at the same time convincing the market that they are there as needed," Iuorio said.