Fed Taper Right on Schedule: StockTwits

NEW YORK ( TheStreet) -- The Fed announced it would continue to taper its bond buying despite much weaker-than-expected economic growth. And, to the surprise of many on StockTwits.com, the markets didn't shudder.

@Mech @SuperStockFan we close at ATH with worst data in years on back of fed taper...I quit

? BCM (@bcmoore1) Apr. 30 at 02:51 PM
The S&P 500, Dow and Nasdaq each held on to gains of 0.2% or more after the The Federal Open Markets Committee's announcement. The FOMC said it would buy $20 billion worth of mortgage backed securities in May, $5 billion less than it purchased this month. It will buy $25 billion worth of longer-term treasuries in May, also a reduction of $5 billion from the prior month.

The $10 billion taper is largely what economists expected and showed that the Federal Reserve would not change policy because of a single quarter of poor economic growth. The government released advance GDP figures this morning that showed the economy grew an anemic 0.1%, far less than the 1.1% expected.

For a Fed taper that's not on a preset course, this taper sure looks to be on a preset course.

? Neo (@Loyola80) Apr. 30 at 02:33 PM
Earlier this year, Federal Reserve Chair Janet Yellen said the Fed did not have a timetable for exiting the stimulus program known as quantitative easing -- despite reports that the Fed plans to keep cutting billions a month from its bond purchases with the goal of finishing QE at the end of the year. Yellen has also said the Fed will keep benchmark interest rates near all-time lows well after unemployment falls below 6.5%, its initial target.

Amazing that the Fed used an employment target and then had to drop it because it was fake/useless data with no bearing on reality. $$