While the Fedannouncement yesterday on the surface seemed to be confirming to continuation of status quo both on the interest rates as well as “quantitative easing” the Fed tweaked the “QE” issue just enough to hint that the stimulus package may be getting close to be withdrawn: this the Fed did by slowing purchases of mortgage debt to extend that program’s life until the end of March.   This was seen by the Fed watchers as a first step towards a measured withdrawal of its extraordinary support for the economy during the downturn that the Fed itself confirmed was coming to an end. It was this thought process that caused the initial run up in the equities to become a rout in the last half hour of trading.