The Federal Reserve announced today in a statement that they are in no hurry to hike up short-term interest rates before the middle of the year.

The Fed announced it would take a "patient" approach at raising the rates and the market rallied in celebration. The S&P 500 saw its largest gain of the year and its best day since October of 2013. The DOW industrial average rose 288 points, also a record for the year.

In light of overseas troubles stemming from fluctuating oil prices among other things, the market breathed a sigh of relief as the Fed promised to be patient in beginning to raise rates, which is nothing but good news for riskier investments such as stocks.

Interest rates have remained fairly low since the recession in 2008, but the economy has since then recovered and perhaps it's time for the Fed to raise the rates. The Fed, however, showed on Wednesday that they are acutely aware of factors at play outside of U.S. borders that have them apprehensive as of yet. It seems rates will rise in the second half of 2015 and that they will wait a "considerable time" before making the move.

Another factor in the move for interest rates would be inflation. The Fed had stated they expected inflation of around 2 percent for the year, but so far consumer prices have only risen 1.3 percent over the past 12 months. Even with some factors removed from the equation, the inflation rate sits at about 1.7 percent, still before the Feds prediction.

Aside from the decision to not raise rates for now, the Fed also released their views on the economy for 2015. They lowered their inflation target for the year and stated they felt the economy would continue to grow throughout the year. Not only that, but they anticipate even lower unemployment than earlier estimates.