Today was full of ups and downs! just as we expected from the meeting. There were no major surprises. Let’s take a look at how the markets performed today.
Powell made a final decision to increase rates by 25 bps, likely playing it safe. Despite concerns in the banking industry, he reassured listeners that the financial system remains strong. He plans to continue raising rates if appropriate for the remainder of this year and it appears they will stop by next year. It remains to be seen how this will affect markets in the long run, but Powell remained steadfast in his commitment to fight inflation.
📈📉S&P 500 Futures Update
Today was quite volatile, can you pinpoint where the Fed started speaking based on the chart? However, the market’s reaction was not surprising as it was expected after Powell’s speech. There was an initial knee-jerk reaction in one direction before settling in the other. The market appeared to be very indecisive today.
We’ll need to wait and see how prices behave overnight to get a better sense of today’s impact. We should be prepared to adjust our plans accordingly in the morning.
🎬 Daily Wrap-up
That’s all for today, keeping it brief. I took one trade earlier resulting in a loss, which was a quick one prior to the Fed meeting. In hindsight, I should have stayed away, but I decided to pursue it anyway. See you in the morning!
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