As everybody knows, attention today is going to be focused on the Fed, who is expected to raise interest rates by just a quarter point. The decision will be out at 2PM today.
Over the last couple of weeks, the stock market has regained its footing from both a technical perspective and an “animal spirits” perspective. The S&P is up 6% year to date.
Adding to the bullish momentum at the end of the day yesterday was the Wall Street Journal’s Nick Timiraos all but confirming the Fed’s plans for a 25 bps hike today - a move that many are viewing as extremely dovish. I couldn’t disagree more.
