Quote from nazzdack:
1) The Fed's action has to be compared to expectations of their action, not the action itself.
2) The market appears to be expecting "no change" to the funds rate.
3) The Fed's additional statements about future prospects and the condition of the banking system will probably have the most impact on the market after the announcement comes out.
4) If energies, metals and grains keep falling, that can remove some pressure to raise rates. The stock market ought to rally. We'll see.