FOMC Knocks The Rally Off Its Path Higher, For Now…
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On Wednesday, the FOMC came out and said there would be a pause in interest rate hikes, but still remained somewhat hawkish with regard to inflation and interest rates. This pause will not last long, however, as the Fed announced there is likely to be two more rate hikes this year.
Fed chair Jerome Powell released the FOMC notes and then the market took a dive late in the day that it would recover from, but not before sending some jitters throughout the market. While the rally may still be intact, the rally at least for the rest of the week seems to be on ice skates.
Until the dust settles, let’s take a step back and watch for trend to develop. We don’t want to trade against the tape, but we also want to be weary that the market is over bought and could be ready for a bit of a drop here. Just something to keep in mind.
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