And we expect the Fed to continue to ease policy.

A number of analysts said they were surprised the central bank chose not to ease policy.

If you think they are going to ease policy, the spread looks even better.

It is still possible that the Fed could ease policy next month.

"My own view is they should ease monetary policy further."

But analysts said the central bank had not signaled any decision to ease policy further.

He would agree to ease monetary policy only reluctantly, after months of pressure.

"But by and large we are closed for the year, whether the Fed eases policy or not."

The central bank last eased policy in the first week of November.

We should expect that the Fed will move to ease policy very gradually.