Friends
The release of the Fed minutes was a bit of a non-event, mostly affirming what we already suspected. Basically, falling stock prices in the 4th quarter of last year brought out the doves and caused the FOMC to back off the idea of more rate hikes and even temper their desire to reduce the Fed’s balance sheet. Data dependent will be the battle cry for the rest of the year, but market action will surely continue to play a role in Fed policy.
Stocks had coasted aimlessly up until the Fed release at 1:00, but rallied some after. For the day the Dow Jones Industrial Average was up 63 points to close at 25,954. The S&P 500 was up 4 points to finish the day at 2,784. Gold was down $2.50 to trade at $1,342 per ounce, while oil was up $.81 to trade at $56.90 per barrel WTI.
With the Fed on hold and earnings season behind us, news on trade negotiations is likely the next catalyst for stocks. Let’s see how the rest of this shortened trading week plays out.
Have a nice evening everyone.
