The Fed held rates steady today following its FOMC meeting. It was a unanimous decision.

Many market players had anticipated that the Fed would cut rates to help ease the deep liquidity crisis facing Wall Street.

The Dow fell about 100 points on the Fed’s announcement. The index had already risen index by 105 points and plunged by 175 in a tumultuous day of trading.

In late afternoon trading the Dow was up again nearly 84 points.

The broader S&P 500 index fell 0.57 to 1,192.13. The tech-heavy Nasdaq composite index fell 18.47 to 2,161.44.

This is what the Fed had to say about its decision to hold rates steady:

Strains in financial markets have increased significantly and labor markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.

Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.

The downside risks to growth and the upside risks to inflation are both of significant concern to the Committee. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.