As a press conference continues, the US stocks have rotated back to the downside. Fed Powell said that "it would not be appropriate to cut rates, given our view that inflation will take some time to come down"
- Dow industrial average is trading down -126.2 or down -0.38%
- S&P index is trading down -7.25 points or down -0.21%
- NASDAQ index is up 13 points or down 0.11%
in other markets
- 2 year yield is down 2.7 basis points at 3.953%.
- The 10 year yield is down -2.6 basis points to 3.412%
- Crude oil remains under pressure and is down $3 or -4.19% at $68.68.
- Gold is up $3 or 0.16% at $2019.97.
- Bitcoin is trading at $28,255
More...after the meeting
Doubelines Gundlach says:
- Fed decision was noncommittal
- that is likely to keep rates around this level. Would bet that Fed won't raise rates again
- recession odds are pretty high right now
- expect default in a lower quality fixed income
- risk asset markets are too complacent
- I am turning more bearish given this cocktail of higher interest rates, quantitative tightening and credit contractions
- US is going to have a really big problem with debt
- I think the Fed should have done nothing today
Stocks continue to move lower (3:36 PM ET)
- Dow industrial average -231 points or -0.66%
- S&P index -20.68 points or -0.50%
- NASDAQ index -30 points or -0.25%