The iShares MSCI Emerging Markets Index exchange-traded fund slumped, reversing earlier gains, after the Federal Reserve kept the pace of stimulus as it awaits signs of improvement in the world’s largest economy.

The developing-nation ETF dropped 0.8 percent to $42.78 at 2:27 p.m. in New York, after rising as much as 0.4 percent earlier today.

The Fed decided to press on with $85 billion in monthly bond purchases, saying it needs to see more evidence that the economy will continue to improve. The gauge for stocks in developing nations has slid as much as 16 percent since May 22, when the U.S. central bank signaled its asset-buying program could be trimmed if the economy showed sustained improvement.