Federal Reserve Leaves Rates Unchanged; December Hike in Focus

The Federal Reserve left short-term interest rates unchanged following its November policy meeting Wednesday, opting to wait for more evidence that the economy is moving towards its targets. But uncertainty surrounding the looming U.S. presidential election is one of the closeted reasons the Fed kept rates steady, according to David Lebovitz, global market strategist at JPMorgan Asset Management. He said his base case for the Fed's next rate hike is in December and he thinks the recent declines in the stock market fueled by worries about the outcome of the election is a buying opportunity for investors. TheStreet's Scott Gamm reports from Wall Street.