Now that the Fed's meeting is over, market focus could swing pretty quickly to Monday night's presidential debate between Republican Donald Trump and Democrat Hillary Clinton.
Traders will be watching for follow-through Thursday after stocks surged Wednesday. The Dow scored a triple-digit gain and the Nasdaq hit a record high after the Fed held rates steady. In its statement, the Fed noted risks are more balanced, and played up the strength in the economy. Economists say the Fed now looks on track to raise rates in December for the second time in 10 years.
Ethan Harris, co-head global economic research at Bank of America Merrill Lynch, said the Fed laid the groundwork for a December rate hike, but the election now looms large and it could even become a factor for the Fed.