The DC Today - Wednesday, September 20, 2023

Today's Post - https://bahnsen.co/44YX2Am

The Fed basically was explicit in tying their “we need to stay restrictive” posture to the resilient economy (which, unfortunately to them, has been “expanding at a solid pace”).

The market was up +200 points before the announcement and press conference, it dropped -100, rallied back +100, then dropped -150 (so still up over +50 points) before closing down -77 points (but with the Nasdaq down -1.53%). Bond yields at first barely moved but then the short end moved up five basis points and the long end flattish.

Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com