Two Industrial Giants with Highly Sustainable 3% Yields
By Jon Strebler
The mystery is finally solved, not that there was much of a mystery to start with. But today the Federal Reserve announced a 1/4% increase in the key interest rate - the Fed funds rate. This was a modest and almost fully anticipated move, with the probability of such an increase running at 84% earlier today, according to those who bet on such things.
As many had expected, the Fed is wishy-washy on the prospect of future increases, a sign that they're not convinced that rates necessarily need to go higher in the near future. Still, today's was the first Fed funds increase in nearly a decade, and getting that out of the way cleared the path for stocks to rally modestly. Shortly before the close, all major US indices are up a respectable 1%, give or take. European equities, which stopped trading before the Fed's announcement, were up ... Log in or subscribe to continue reading.
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