Municipal bond buyers spent most of Wednesday in a defensive stance as the Federal Reserve met to decide the course of monetary policy. The Federal Open Market Committee voted unanimously to keep the target range for the federal funds rate at 2.25% to 2.5%. The Fed “will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support” a strong labor market and inflation near 2%,” the FOMC said in a statement.