Market Moves You Need to See Stocks Close Higher In Record Territory After Fed Reiterates Expectation For 3 Rate Cuts This Year
[Kevin Matras - EVP - Photo]
Profit from the Pros By Kevin Matras
Executive Vice President Stocks Close Higher In Record Territory After Fed Reiterates Expectation For 3 Rate Cuts This Year [Stocks Close Higher In Record Territory After Fed Reiterates Expectation For 3 Rate Cuts This Year]Image: Bigstock Stocks closed higher yesterday with all of the major indexes in the green. And each of the big three indexes also made new all-time high closes. The Fed, as expected, left interest rates unchanged, noting that "the economic outlook is uncertain, and the Committee remains highly attentive to inflation risks." Regarding the recent slowdown in disinflation, Fed Chair Jerome Powell, in his press conference following the FOMC announcement, said "we don't know if this is a bump in the road or something more." They said they will remain data dependent. But they put the market at ease by reiterating their expectation for 3 (quarter point) rate cuts this year. Stocks were modestly lower before the announcement, but then turned higher afterwards, and continued to climb as Mr. Powell spoke, before finally closing at their best levels of the day. In other news yesterday, MBA Mortgage Applications were off -1.6% w/w with purchases down -1.2%, and refi's down -2.5%. And the Atlanta Fed Business Inflation Expectations ticked up to 2.4% y/y from last month's 2.3%. Today we'll get Weekly Jobless Claims, the Philadelphia Fed Manufacturing Index, the PMI Composite Index, Existing Home Sales, and Leading Indicators. And we'll see if the market can add to yesterday's impressive gains. YTD, the Dow is up 4.84%, the S&P 500 is up 9.53%, the Nasdaq Composite is up 9.05%, the small-cap Russell 2000 is up 2.36%, and the mid-cap S&P 400 is up 7.12%. And it looks like there's a lot more upside to go. Not only do the fundamentals underscore this idea, but so do the cyclical tendencies, namely the 4-year Presidential cycle, which shows that year 4 (that's this year) is the second-best year of all four years (second only to year 3 which was last year). So make sure you're taking full advantage of it. See you tomorrow, [Kevin Matras - Signature] Kevin Matras
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