The U.S. Federal Reserve says it will continue to trim its monthly bond buying program by $10 billion, bringing the Fed's new monthly purchases to $55 billion. The Fed says it sees 'sufficient underlying strength in the economy' and says it expects to see the first federal funds rate increase in 2015, with a 25 basis point hike likely in September of 2015. On the jobs front, the Fed says it will do away with its 6.5% unemployment rate target because it expects U.S. firms to continue adding jobs.

More from Video

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

This Could Be the Summer of Hard Seltzer

This Could Be the Summer of Hard Seltzer