FOMC Commentary – November 7, 2024
By Jeanette Garretty, Chief Economist Today, the Federal Open Market Committee (FOMC) of the Federal Reserve announced a 25 bps Fed Funds rate cut, resetting the target Fed Funds rate to 4.5-4.75%. This represents a full 75 bps reduction in short term rates since the Fed began to move monetary policy to a more “neutral” […]
Possible Warning Signs From Last Weeks’ Celebration
November 11, 2024 Good morning, The stock market seemed to cheer Donald Trump’s victory last week. The bond market did not. On Wednesday, the S&P 500 Index (SPX) surged +2.5%, the best day after the election since at least 1928. Long-term Treasury’s dropped -2.3% in price, the 10th worst day after an election. On the week, […]
Same Story I’m Afraid
November 7, 2024 Good morning, As a lifetime student of markets, the early seminal lesson I learned at the foot of a master technician (Alan Shaw) 40 years ago gets played out in real-time in markets over and over again; “The best predictive tool of a market’s future is the market itself.” Translated, the market […]