What FOMC Meeting? Fed Stress Tests Show Stable Banks

The consternation over the Federal Open Market Committee meeting last week seems about as a relevant as yesterday’s papers. The week began and finished strong, with the S&P 500 twice touching a new all-time-high. Rates appeared greatly subdued by the sweet nothings whispered into its ear by the Fed. The market appeared to interpret the Fed’s activities as hawkish, however, as my colleague Brian Rauscher astutely pointed out as evidenced both by the dot plot and by public statements the ...

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