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Byline: Claire Mencke
Investor's Business Daily
Most fund managers agreed with other market watchers that the Federal Reserve was not going to do anything to short-term interest rates at its policy meetingTuesday. They were right.
They're less certain about what the Fed's leaving rates unchanged will mean to financial markets for the rest of this year.
The markets typically have rallied on days around the Fed's policy meetings in the past year. That's been true wh
ether or not the central bank has hiked rates. But the longer-term effect of the Fed's rate tightening has been to leave markets moving sideways at best.
Now, instead of expecting more rate hikes, the markets have …