Futures Now

For the Fed and the markets, boring is beautiful

Janet Yellen, chair of the Federal Reserve, speaks at The Economic Club of New York on April 16, 2014.
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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 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.

Fed extends taper
Fed extends taper

Gone are the days of the Fed shocking the market by choosing not to taper, as it did in October, or by beginning to taper, which took some by surprise in December. At this point, boring has become beautiful, for the stocks and the Fed alike.

"Boring buys the Fed time," commented Jeff Kilburg of KKM Financial.

Read More Why isn't Wall Street cheering the Fed?

On Wednesday morning, a surprisingly weak GDP report showed the U.S. economy growing at just 0.1 percent in the first quarter. But while the Fed grants in its policy statement that growth "slowed sharply during the winter, in part because of adverse weather conditions," the central bank betrayed no intention of deviating from its plan.

"A taper pause would have revealed their oversensitivity and projected a 'day-trading' mentality of the economy," Kilburg said.

—By CNBC's Alex Rosenberg.

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