Market Alert - FOMC Decision

The statement is out, the press conference is still to come. Stocks are selling hard on the news.

SP500 -4.44, -09.18%
NASDAQ -31.10, -0.49%
DJ30 -14.62, -0.06%
SP400 0.18%
RUTX 0.32%
SOX -2.35%

SOX was lower ahead of the number. Of course there is post-statement volatility and as fast as it sold, the indices are trying to bounce. We will see if they recover and of course there is still the Chairman's press conference to come.

Rates left unchanged. Balance sheet runoff in October at $10B/month, up $10B per quarter to max of $50B/month or $600B/year.

12 of 16 see a rate hike this year. 11 see three rate hikes next year.

Long-term forecast for 2018 is lowered.

Storms will impact GDP, but see no long term impacts.

Expects higher gas and materials prices due to storms.

Economic activity rising moderately,

Inflation expected to remain somewhat below the 2% target near term but should stabilize.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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