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Dovish Fed pushes back on rate hike speculation

Janet Yellen, chair of the U.S. Federal Reserve.
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A dovish message from the Fed Wednesday sent buyers into both bonds and stocks, as markets took some reassurance that while its bond buying is ending, the Fed will move slowly to raise interest rates.

The minutes from the Fed's June meeting revealed it would end its quantitative easing program by October, and that while it has no date to raise rates, it has been working on details of a plan to return to normalcy.

"There was nothing new in it," said Peter Boockvar, chief market strategist at Lindsey Group. "They were just reiterating the same dovish message." Boockvar noted, however, that the Fed did not have the June jobs report when it met, and that report may have given it more confidence in the jobs outlook.