Wall St. Split on Fed Rate Decision. Why?

There was booing on the floor as the Federal Reserve announced it would leave rates unchanged. (Read The Fed Statement.)

Stock traders believe that the Fed's equal concern with inflation and slow growth are misplaced -- and that with dramatically lower commodity prices, lower employment, and a general global slowdown, the concern is with DEFLATION.

But others applauded, noting that lower Fed funds rates will not accomplish notably lower consumer rates, particularly mortgage rates.

The Dow initially dropped 150 points, then recovered and is now essentially unchanged since just before the announcement.

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CNBC's Names in the News:

- AIG

- Lehman Bros.

- Goldman Sachs

- WaMu

- JP Morgan

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