- Hanging in there in the face of a seemingly hawkish lean to the FOMC statement and economic projections, stocks steepen their decent as Janet Yellen says QE should end some time this fall (as opposed to December). Asked to define the "considerable period" between the end of QE and the first rate hikes, Yellen says, "Something on the order of six months."
- S&P 500 (SPY) -0.9%, Nasdaq 100 (QQQ) -0.9%, DJIA (DIA) -0.9%.
- The 10-year Treasury yield is now 11 bps higher to 2.80%. TLT -0.8%, TBT +1.6%
- Earlier coverage