- "The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions," says the FOMC cutting QE another $10B to $55B per month.
- Updating its economic projections, the central forecast for headline unemployment at year's end drops to 6.1%-6.3% from 6.3%-6.5% expected last December. Core PCE inflation remains at 1.4%-1.6%.
- 13 of 16 members expect the first rate hike next year, with 10 seeing a Fed Funds rate of 1% or higher by the end of 2015.
- Treasurys are taking hard the news of faster and sooner rate hikes, the 10-year yield up eight basis points to 2.75%. TLT -0.8%. Gold takes it hard as well, -1.9% to $1,334 per ounce. GLD -1.6%, but the dollar (UUP +0.6%) is higher across the board.
- A check of Eurodollar futures finds nearly a full additional 25 basis point rate hike getting priced into the 2015 and 2016 contracts that wasn't there 20 minutes ago.
- Stocks slip just a bit, the S&P 500 (SPY -0.2%).
- Janet Yellen's press conference begins at 2:30 ET.
- Treasury ETFs: TBT, TLT, TMV, SHY, IEF, TBF, PST, EDV, TTT, TMF, ZROZ, SBND, TLH, IEI, DLBS, TYO, DTYS, VGLT, BIL, UST, SHV, UBT, TBX, VGSH, TLO, VGIT, SCHO, GSY, DTYL, SCHR, LBND, ITE, TENZ, TYD, TYBS, DTUL, SST, DTUS, TUZ, FIVZ, DFVL, TBZ, DLBL, DFVS, TYNS
- Gold ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, GLDI, DGZ, AGOL, DGLD, TBAR, UBG, GLDE, GYEN, GEUR, GGBP
- Dollar ETFs: UUP, UDN, DBV, FORX, UDNT, UUPT, USDU
- S&P 500 ETFs: SPY, IVE, SH, SSO, SDS, IVV, VOO, SPXU, UPRO, RSP, RWL, EPS, IVW, SPYG, RPG, RPV, SPYV, BXUB, VOOG, VOOV, TRND, SFLA, BXUC, BXDB, FTA
FOMC: Rate hikes coming sooner and faster
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