The Federal Reserve announces that it's going to do its damn job!
"This is a big deal. The Federal Open Market Committee has abandoned its practice of talking about its future policy in terms of the calendar, such as pledging low rates until 2014, and instead making clearer 1) That the path of monetary policy will depend on the economy, not some arbitrary date, and 2) What exact economic conditions it would need to see to change course.
Perhaps more notable, the Fed is explicitly stating that it can envision letting inflation float above—but only a bit above—its 2 percent target as a price for getting the job market back on track."
From Wonk Blog: Huge news out of the Federal Reserve