FOMC Pause, Riding Shotgun with Uncle Ben Bernanke
The long awaited “Uncle Ben” Fed Day finally happened yesterday. The FOMC (Federal Open Market Committee), or as Erin Burnett calls them- Federal Open Mouth Committee, kept short term interest rates at 5.25% along with a slightly dovish statement for the possibility of future rate hikes. I believe this was the best thing that could’ve happen for the market and trusted Uncle Ben Bernanke, being the smart guy that he is, to do see what I saw. This was what I hoped would happen, though I did not bet on the market as such. It was good I didn’t, as far as how yesterday’s session ended much lower after the FOMC release. Whether the market was confused by the dovish statement when it was expecting a hawkish statement, or whether everyone’s just afraid of a hard landing, I hope people come to their senses. Read the rest of this entry »
