Print This Post

FOMC Announcement

The Fed’s cut rates 25bps, and cut the discount rate 25bps.  The market wanted much more for the discount rate.  As Chuck had pointed out, the indices were at major resistance points and a “sell the news” scenario was not completely unexpected, considering the recent run-up.  How we close will tell us more about where we stand and later this evening we’ll have more analysis of charts, as well as the Fed’s decision.