Scoreboard: Fed theatre

The Fed added to ambiguity in last night’s statement, which was ever so slightly more dovish.

Predictably, we didn’t learn too much from the Federal Reserve statement although I’d note that the 10-year Treasury yield spiked something like 7 bps at 0400 AEST to 2.88 per cent, which is a huge move for no additional information. More to the point, stocks on both sides of the Atlantic ended weaker – the S&P500 closed 0.6 per cent weaker, having been up 0.4 per cent at the high, with all those gains given back following the FOMC statement. The Dow then followed suit and ended 105 points lower (14,897), while the Nasdaq fell 0.4 per cent (3599).

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