All eyes were on the Fed, and its new chairman, Jerome Powell, today. Oh, and how Facebook allegedly allowed pro-Trump operatives to mess with some 50 million of its users. The stock market took another hit today, down 2% more, which helped erase earlier triple-digit gains in the Dow. In the end, Powell went with the expected 1/4% rate hike, but opted to stick with only three rate hikes total for this year, a somewhat dovish approach.
Foreign markets were mixed, no doubt awaiting the Fed's actions. The Asia Dow registered a 0.21% gain, and then the STOXX 600 dropped a nearly equal amount – down 0.16%. Non-US American markets were mostly higher, along with US shares for most of the morning.
The dollar expressed its disappointment in the Fed's decision by selling off, finishing with a big 0.80% loss at 89.66. A bit oddly, US fixed income markets didn't react much, ... Log in or subscribe to continue reading.
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