Market Reaction To Rate Hike

Traders have digested the news and they do not like it.

PRE-OPEN MARKET COMMENTS THURSDAY 9:30 AM ET – The Fed gave the market what it expected and it hiked by 75 basis points yesterday.  Furthermore, they paved the way for a 50-75 basis point rate hike in a month. The BOE will raise rates 25 basis points and Switzerland raised rates by 50 basis points overnight which was a surprise. The S&P 500 did not have much of a net gain/loss after the statement, but it is down 70 points before the open and we are likely to test the 52-week low today.

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