It’s been a great ride since the bad news on employment Friday morning. Today that continued as the Fed minutes showed the “doves are back in town” and a red day in the market turned green instantly. The S&P 500 gained 0.88% and the NASDAQ 0.41%; both indexes had been in red all day until 2 PM. Bad news = good news = the Fed has our backs forevermore.
“I think you got a little more clarity on what the Fed was thinking. The decision to not raise rates was more collaborative than people thought. The call really wasn’t that close,” said Peter Coleman, head trader at Convergex. He added the minutes showed the Fed was concerned about not reaching its inflation target in the near term.Continue reading