Stocks ended slightly higher Wednesday after the Federal Reserve signaled that interest rates could increase more slowly than officials had expected. The market was all over the place today, but when it was all said and done the SPX. closed about 3 handles higher than where it opened.
The forecasts released by the Fed on Wednesday showed most officials expect to begin raising short-term interest rates before the end of the year. But Fed officials lowered their interest-rate forecasts for 2016 and 2017 by a quarter percentage point, suggesting they’ve become less certain about the strength of the U.S. economy in the longer run.
So Janet “Aunt Bea” Yellen will still be as data dependent as she ever was, and a slower Fed means a better market. With the Fed decision out of the way, news about Greece could continue to push markets around in the coming days.
BPMC & DPLO came very close to triggering today, but didn’t. TRIP stopped on news today.
See you in the morning.
Joe