Today is "Fed Day", meaning that this afternoon the Federal Reserve's Open Market Committee (FOMC) will announce their latest position on interest rates. Following the announcement the Chair, Janet Yellin, will read a prepared speech and field questions.
The FOMC will raise rates (likely by 0.25) if predictions are correct. Meanwhile, our prediction is that Janet Yellin will begin most of her responses to questions with the word "so". Perhaps all of her responses.
So... as we said earlier this week the markets are certain the rate will go up today but the more interesting question is, regarding the rest of 2017, how much and how fast.
Yesterday there was enough selling to tack a distribution day on the S&P500. Still the selling wasn't dramatic and the final hour showed an interest in buying. This morning the market will recover a bit of yesterday's sell-off at the opening bell.
We'll be watching the interest rate story with everyone else this afternoon.
100% invested in ETFs: QQQ, IVV, & HDV.
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