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By Jason Stipp and Jeremy Glaser | 03-21-2014 09:00 AM

The Friday Five

The Fed stays a course toward normalcy, stormy weather for FedEx, and housing hits a rough patch.

Jason Stipp: I'm Jason Stipp for Morningstar and welcome to The Friday Five: Five big stories from the market this week and Morningstar's take. Here with the Friday Five is Morningstar markets editor Jeremy Glaser.

Jeremy, thanks for being here.

Jeremy Glaser: You're welcome, Jason.

Stipp: In top news this week: We heard from the Fed and Janet Yellen; the market really didn't like what she had to say, though, at least initially. What's your take?

Glaser: It seems like the market is now expecting interest rates to start to creep up, maybe a little bit earlier than they had thought initially. But generally speaking, there weren't any major changes that were announced in this statement. Interest rates are still at very low levels. The Fed says they're still committed to keeping them at a low level for a long time.

They did change some of their forward guidance; instead of focusing on that 6.5% unemployment rate, which we're getting pretty close to, they said they're going to look at a number of different factors. This is something Bernanke had said as well, but now that's been made explicit--that maybe that quality of job growth hasn't been that high. So even if that rate is going down, if it's because people are dropping out of the job market, that's probably not a reason to think about tightening monetary policy.

And in a press conference, Yellen said that after the taper is over--and they did announce another $10 billion taper in this statement--it could be about six months until rates begin to rise. So if the taper continues on this track and finishes at the end of this year, we could be looking at mid-2015 for rates to start to rise. That was within the range of what the Fed had talked about before, but maybe a little bit earlier, apparently, than some of the market had expected.

But I think generally speaking, this is another sign that Yellen is going to continue the policies that Bernanke had put in place, and that it's a fairly, relatively seamless transition. And I think it's a sign that monetary policy is on the road back to normalcy.

Stipp: Yellen and others have talked about how the weather recently has made it hard to gauge the actual economic situation here in the U.S. One company, though, that weather does seem to have impacted is FedEx. They reported disappointing results this week.

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