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It was all about the Fed yesterday; in fact, it's largely been about the nation's central bank for the better part of the past week, as nervous equity and fixed-income investors awaited the outcome of the Federal Reserve's latest FOMC meeting with a good deal of anticipation and some nervousness. What had especially been on the minds of investors and traders alike was whether or not the bank would retain its "considerable time" words in assessing how much longer it would be until it started to raise short-term interest rates, which remain near zero.
The nation added 288,000 jobs in June, with non-farm payrolls strengthening much more than had been anticipated. The consensus expectation for the month had been for job growth of about 215,000.