US equities opened in chop mode, and broadly stayed that way into the 2pm press release from Print Central. As expected, the fed raised rates 25bps to a new target range of 1.75-2.00%. Most notable, is that fed consensus is for FOUR hikes this year. This is something of a surprise, although at the start of this year, yours truly did call for four hikes.
|Fed Chair Powell|
Volatility remained very subdued, settling in the upper 12s. Near term outlook offers the sp'2750s, with 'minimum technical necessity' of sp'2718, and that would arguably equate to 15/16s.
If you think higher rates are a negative, I strongly recommend you watch the following on a loop for at least one hour.
Coming in 2019...
... and Dumbo is clearly bullish Disney.
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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