Markets Are Going Nowhere

Stocks aren’t doing much during the moments after the Federal Reserve released the
minutes of its September Federal Open Market Committee (FOMC) meeting.

Basically there were no surprises. Fed members debated over the decision to taper, but ultimately they decided not too.

“In their discussion of monetary policy for the period ahead, members reviewed the degree of improvement in economic activity and labour market conditions since the asset purchase program began a year ago and judged that, taking into account the extent of federal fiscal retrenchment, the improvement was consistent with growing underlying strength in the broader economy,” they said. “However, all members but one judged that it would be appropriate for the Committee to await more evidence that progress would be sustained before ad- justing the pace of asset purchases.”

On Tuesday evening, the White House announced the President Obama would announce the nomination of Janet Yellen for Federal Reserve Chair.

The nomination of a dovish Fed Chair and the removal of uncertainty gave the markets a brief bounce.

But that bounce was short-lived.

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