Hangover

Financial Review

…Fed stands pat on rates. Oil enters bear market. Court rules DACA must continue. Mass shootings as a health issue. Earnings season: Disney, Roku, TripAdvisor and Hertz. Ford and VW talk alliance. Sears closing more stores. Financial Review by Sinclair Noe for 11-08-2018 DOW + 10 = 26,191 SPX – 7 = 2806 NAS – 39 = 7530 RUT – 3 = 1578 10 Y + .02 = 3.23% OIL – .90 = 60.77 GOLD – 2.60 = 1224.50 Stocks rallied yesterday, after the midterm elections. Today, not so much. The Federal Reserve wrapped up its policy meeting released its statement leaving the federal funds target range unchanged at between 2% and 2.25%, as had been widely expected. However, Fed officials did say in the statement that they expect “further gradual increases,” supporting analysts’ expectations of a fourth rate hike this year in December. In September, the Fed removed language that said its policy was “accommodative,” indicating that Fed officials see interest rates moving closer to a “neutral” setting that would support full employment and inflation running at the Fed’s 2% target. The Fed’s own interest rate forecast last updated in September indicated that one more rate hike would likely be appropriate in 2018. Policymakers, however, noted that business investment had “moderated from its rapid pace earlier in the year,” a possible drag on future economic growth. The Fed will make its final policy announcement of the year on December 18. When new sanctions were announced against Iran, ...

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