FOMC hikes rates 25BP as anticipated, , maintains its rate hike forecast for 2017 and 2018, maintained its GDP forecast, and outlined a specific plan about it winding down its balance sheet by up to $600KB this year. It assures us it is 'monitoring inflation' as the CPI measure falls, though the Fed does not watch the CPI and we know there is at least the silent inflation of paying the same for less product you see in all kinds of goods.
The market tried to rally on the statement but has faded back to just about where it was pre-FOMC, and that is a mixed market.
SP500 -0.28, -0.01%
NASDAQ 2.31, 0.04%
DJ30 29.35, 0.14%
SP400 -0.51%
RUTX -0.63%
SOX -0.42%
As time passes, the rally attempt has turned to selling and is pushing the indices lower toward the midmorning session low.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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