Fed Leaves Rates Unchanged, Market Fights For Direction
For the first time in ten meetings the Federal Reserve has not decided to cut interest rates. An expected result as rates then remain unchanged at 2%, but the market itself is not so sure how to react.
For those of you who are watching the market live right now you can see just how intense the volatility really is. Here is a screenshot taken just moments ago of the Qs (QQQQ). Notice the quick up and down swings that have taken place since around the 2:15 PM announcement:
This is constantly changing but as of 2:49 PM the NASDAQ is up 1.5%, the Dow is up .46%, and the S&P 500 is up 1% even. Should be an interesting close, good luck out there.
3:03 PM Update: Looks like the bulls have won for now…
More on this topic
(What's this?)
Jim Grant: The Fed Would Be Shut Down If It Were Audited
(Zero Hedge, 6/10/09)
Alan Grayson Letter To Neil Barofsky Requesting Audit of Citi
(Zero Hedge, 6/24/09)
The Friedman Effect: Is Another Bear Market Around the Corner?
(Investment U, 6/22/09)