In this kind of a backdrop, with inflation being transitory, they'll continue to be pedal to the metal in terms of monetary policy," said Kevin Flanagan, head of fixed income strategy at WisdomTree Funds. Despite the improving economy, the Fed repeated the guidance it has used since December, saying it must see "substantial further progress" towards its inflation and employment goals before stepping back from its monthly bond purchases. Google parent Alphabet Inc GOOGL.O jumped about 4% after reporting late Tuesday a record profit for the second consecutive quarter and announcing a $50 billion share buyback.