Fed defers action

The central bank is starting to get antsy about the sluggish recovery, but decided against taking any new steps to try and shake up the recovery. For now. From the WSJ:

Suggesting more bond purchases to stimulate growth could soon take place, Fed officials said at the end of their one-day policy meeting they are uncomfortable with the recent, very low levels of inflation, adding they expect the economy's recovery from a deep recession to be modest in the near term. "Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the long run, with its mandate to promote maximum employment and price stability," Fed officials said.

For what its worth, Wall Street has not reacted to the Fed announcement, one way or another. Dow is up about 12 points.