It was another quiet session as there was very little reaction to the Federal Reserve minutes which basically reinforced what everyone expected – there will be no rate hike coming in June. There was a momentary spike when this news was released but almost all of that was sold within an hour. The S&P 500 dropped 0.09% while the NASDAQ added 0.03%.
Federal Reserve officials believed it would be premature to hike interest rates in June even though most felt the U.S. economy was set to rebound from a dismal start to the year, according to minutes from their April policy meeting released on Wednesday. The central bank debated whether a slew of disappointing data, including weak consumer spending, signaled a temporary slump or evidence of a longer-lasting slowdown, with most participants agreeing economic growth would climb to a healthier pace and the labor market would strengthen.Continue reading