Fed Reaction Muted

The reaction to yesterday's FOMC statement has not produced much of a net move.

PRE-OPEN MARKET COMMENTS THURSDAY - Yesterday the Fed reduced its quantitative tightening (QT) by more than half and it now sits at $25B per month from $60B per month. That is a form of easing, but they did not signal a timeline for a rate cut. If anything, we can expect QT to end if economic conditions soften. They cited stubborn inflation as their primary concern. The market had large swings after the announcement and little net change. The S&P 500 is up 30 points this morning.

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