US major indices cheer on no Fed..Yippee!

S&P up 1.09%. Nasdaq up 1.03%

The US major stock indices cheered on no surprise change in Fed and continued hopes that rates may never go up (or certainly at paces that existed in the past). The lowered their expectations for the projected rate path but kept central tendencies like growth and inflation nearly identical. If that is the case, you must wonder why raise at all?

Anyway, in summary:

• S&P up 1.09% or 23.36 points to 2163.12.
• Nasdaq up 1.03% or 52.832 points to 5295.18. This is a new high close (see chart below)
• Dow up 0.90% or 163.74 points to 18293.18

In the US debt market, the yield curve flattened:

• 2 year 0.7744%, unchanged
• 5 year 1.187)%, -1 BP
• 10 year 1.6528%, -3.5 BP
• 30 year 2.3798%, -5 BP

Crude oil futures is ending the day sharply higher at $45.58 , +3.47%

Gold is up to $1336 up 1.4% on the day.