Episode 704: The DC Today - Wednesday, September 20, 2023
As expected, the Fed held rates where they were, which is a 5.25 – 5.50% target rate
As expected, the Fed held rates where they were, which is a 5.25 – 5.50% target rate
Today's Post - https://bahnsen.co/44YX2Am
The Fed basically was explicit in tying their “we need to stay restrictive” posture to the resilient economy (which, unfortunately to them, has been “expanding at a solid pace”).
The market was up +200 points before the announcement and press conference, it dropped -100, rallied back +100, then dropped -150 (so still up over +50 points) before closing down -77 points (but with the Nasdaq down -1.53%). Bond yields at first barely moved but then the short end moved up five basis points and the long end flattish.
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
David is the Founder, Managing Partner, and the Chief Investment Officer of The Bahnsen Group.
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