Bareksa.com - The Federal Reserve says it's all done with the bond buying in quantitative easing program. The central bank wrapping up its 2-day meeting, signaling it is confident the U.S. economic recovery remains on track, despite signs of a an economic slowdown in many parts of the world. Specifically in a key change of wording, the Fed tipped its hat to an improving labor market saying "underutilization of labor resources is gradually diminishing."

But some investors said the statement was more hawkish that expected.

Wells Fargo Advantage funds' Brian Jacobsen:

SOUNDBITE: BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST AT WELLS FARGO ADVANTAGE FUNDS

"Perhaps until the December meeting we are going to see this enhanced volatility, because now there is going to be speculation about what are they going to change the considerable time language to? Once they give us a little more guidance and specificity with that it could actually tamp down some of the market volatility because there will be less guesswork involved."

For now - when and at what pace the Fed raises rates remains a big question. The Fed did not adjust its so-called "forward guidance" statement - still saying rates will stay at current near zero levels for a considerable time - especially if inflation continues to run below their 2-percent longer-run goal.

Reuters Columnist James Saft:

SOUNDBITE: JAMES SAFT, REUTERS COLUMNIST (ENGLISH) SAYING:

"My biggest concern after this is that really all we've got is forward guidance, and that is the thing where they tell us where they expect rates to be in the future. And forward guidance has worked in the past, but its a promise, and everybody in the market understands that promises aren't always kept."

Short-term U.S. interest-rate traders now see 50 percent chance of first rate hike in September 2015. (Source: Reuters)