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Markets quiet after FOMC; await Yellen

  • Ten-year Treasury yields are whipping around a bit, but are currently about as they were ahead of the Fed announcement, down three basis points on the session at 2.62%. The shift in dots, however, showing a slightly earlier/faster pace of rate hikes has 2015 and 2016 Eurodollar futures lower by 2-3 points (suggesting a higher Fed Funds rate).
  • TLT +0.6%, TBT -1.2%
  • Stocks are slightly higher than they were pre-announcement, the S&P 500 (SPY+0.3%.
  • Gold shows little reaction, up $1.50 per ounce to $1,273.50. GLD +0.25%
  • The dollar (UUP -0.2%), (UDN) remains as it was before the announcement.
  • Previously: Fed lowers 2014 GDP projection, but 2015 and 2016 hold
  • Previously: Fed sees slightly faster pace of rate hikes
  • Janet Yellen's press conference begins at 2:30 ET.
Comments (4)
  • Hank890
    , contributor
    Comments (676) | Send Message
     
    This commentary is quite cryptic. Just a bit of succinct interpretive commentary would help.
    18 Jun, 02:51 PM Reply Like
  • James Bjorkman
    , contributor
    Comments (562) | Send Message
     
    I love how Yellen called the recent blips up in inflation "noise." Steve Liesman was crestfallen that the Fed doesn't react to every data release as if it is the Second Coming, as CNBC does.
    18 Jun, 03:02 PM Reply Like
  • Interesting Times
    , contributor
    Comments (10104) | Send Message
     
    Nothing new .. Same ole noise !!
    18 Jun, 03:07 PM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (1888) | Send Message
     
    The noise is housewives, business owners, and retired folks screaming for help against rising prices as the index snores a tune designed to keep your eyes offa reality..

     

    I tell you, as I have been saying, the inflation monster is gettin' more and more hungry. Part of the noise is his stomach rumbling.

     

    Time to watch close your inflation hedges.

     

    I suggest in the strongest terms, whomever is in office, [any office] vote for the new guy, this way we get less experienced crooks.

     

    Capt. Brian
    The Lost Navigator
    18 Jun, 03:57 PM Reply Like
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