Key takeaway Fed presser: inflation close to target but jobs is weak = dovish. Trump-Xi meeting is "12" on a scale of 1 to 10 = positive for stocks.

The S&P 500 closed essentially "flat" Wednesday after the Fed FOMC Oct rate decision. The cut of -25bp was expected, but Fed Chair Powell's comments about future path of rates created a bit of market confusion. In reviewing carefully the press conference, we view his overall comments as dovish (explained below) and moreover, the Trump-Xi meeting seems to have gone well -- enough so the President deemed it "on a scale of 1 to 10, the meeting with Xi was a 12"

Equities closed flat on Wed...

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