Fed decision is out and as expected, they will not do anything to weaken the democrats in the final stretch:
“Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The Committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.”
With that beinbg the guts of the FOMC meeting, I can now take a nap. Interestingly, not too much of a pop either way in the early after-announcement trading.
As I mentioned to Peoplenomics subscribers, I did click out of a short position since the election and Fed meeting are fine times to be sitting on one’s wallet.
Guess I need to go back and read what I posted then “Goodbye 2,100?”
Because that has increased as a possibility with market action now…
As for a meaningful bounce here? Tradable? Maybe but the 2,084 area looks better but we shall see.