The Federal Open Market Committee meets this coming Wednesday, Dec. 10-11. It’s the last meeting of 2019 and investors can be fairly certain there will be no fireworks this time. None. This marks an important change from the way things were 12 months ago.

That’s all to the good given what happened at that last FOMC meeting in 2018 on Dec. 20. Think back now to that conclave, even though you probably don’t want to. That was when the FOMC hiked the Fed funds rate for the third time in the year, and after six hikes in the previous 24 months.

The global stock market was falling apart, with investors worried about trade and a then evident global growth slowdown (not the case now as you can see on page 3.) A kind of mini-panic ensued and American stocks entered a bear market, if briefly, by Christmas Eve, down 20% on an intraday basis from September’s high. This should be laid squarely at the Fed’s door, which we’ve said a few times.

Of course, since then the Fed has reversed course, something both investors and President Donald Trump have found pleasing. And the market is up about 25%.

So what about this upcoming meeting. My guess is the Dec. 11 press conference afterwards with Chairman Jerome Powell might be of minor interest, but I’m guessing he’s not go...
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