Market Recap for Thursday, November 8, 2018
Well, another Fed day has come and gone. The FOMC ended its two day meeting and left rates unchanged, as expected. It promised, however, further gradual increases. If you recall, the spike in the 10 year treasury yield ($TNX) to 3.25%, a 7 year high, accompanied the October dive in equity prices. Many market pundits were blaming higher interest rates for the selling in equities. Yet, the latest rise in U.S. stocks has been accompanied with a similar rise in the TNX to 3.23%. Still, the Fed's discussion of further rate hikes will be pointed to by many as a problem for stocks. I'm not in that camp. Instead, I'm in the camp that's simply watching the price action and sector rotation. More on that in the Current Outlook section below.
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