The Federal Reserve signaled it's done raising interest rates for at least a while and will be flexible in reducing its bond holdings, a sweeping pivot from its bias toward tighter monetary policy just last month.

U.S. stocks rallied, Treasury yields fell, and the dollar sank as investors digested the new message from the central bank, which marked a broader shift toward sustaining the expansion, rather than preventing any overheating, following months of criticism from President Donald Trump for raising rates too much.

The Federal Open Market Committee (FOMC) “will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate,” the central bank said in a statement Wednesday following a two-day meeting in Washington, opening the door for the next move to also be a cut. In a separate special statement, the Fed said it's “prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments.”