Well done Yellen and cru on the FOMC!
I can't say I agree with the decision to hold, but hey, its all good! The decision should tilt volatility lower. October is coming up ... and that's usually a calm month, right? Ha!
There's a Federal Reserve FOMC meeting in October, the 27th and 28th. There is no press conference scheduled afterwards, so we'll hear garbled chatter that the Fed can't move at this meeting. Wrong. Every meeting is 'live', presser or not.
After that we get November off! No FOMC meeting is scheduled in November, so there will be no Federal Reserve chatter that month at all (you know I'm lying, right?)
Then, its nearly Christmas ... but with an FOMC meeting beforehand (December 15-16 ... and, yes, news conference after that one). Rocky and Bullwinkle fans, you'll know what I mean with this:
But ... what about today?
How will China and local EM stock markets respond today?
EMs have been concerned about what effect a US rate hike would have, capital outflows, volatility, higher funding costs (all happening already, though). Do we get some relief today ... or do the concerns we've seen just roll on?
My suspicion is that its not all over. We will get a day, maybe a week off from the concerns and volatility, but they won't be gone for long. China stocks, specifically, may get some relief rally in coming days, but there is a huge over hang of sellers.
Enjoy some sun. Volatility to return soon.