The VIX put in a new low for the year after the latest monetary policy announcement from the Federal Reserve.

The index of implied market volatility fell 12%, or 1.45 points, to close at 10.61.

The VIX is a measure of how much the market is expected to move over the next month. The previous closing low for the VIX this year was 10.73.

In its latest policy announcement, the Fed stayed the course, cutting its monthly asset purchases by $10 billion and keeping interest rates unchanged.

In her press conference following the announcement, Fed Chair Janet Yellen struck a dovish tone, saying that, "Further, once [the Fed begins] to remove policy accommodation, it is the Committee’s current assessment that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run."

Following Yellen's comments, the market rallied and the VIX cratered.

Here's a chart of how the VIX did today.