Today was marked by extreme volatility in the financial markets. U.S. equities had a virtual meltdown with the Dow Jones Industrial Average giving up almost 7%. This is a drop of 1861 points taking the Dow to 25,128.17.

Today the Federal Reserve convened this month’s FOMC meeting. The most important statement made by the Fed at the conclusion of this meeting was that the United States Federal Reserve does not plan to raise interest rates until 2022.

For the next two days, members of the Federal Reserve will convene and start this month’s Federal Open Market Committee meeting where they will focus upon the current monetary policy of the United States.