$DIA, $SPY, $QQQ, $RUTX, $VXX
Less than 1 hr after Fed officials begin a two-day policy meeting, President Trump calls for a cut in rates.
“The Fed should get smart & lower the Rate to make our interest competitive with other Countries which pay much lower even though we are, by far, the high standard,” he says in a Tweet. “We would then focus on paying off & refinancing debt! There is almost no inflation-this is the time (2 years late)!”
Fed Chairman Powell has been relentlessly criticized by President Trump for not cutting interest rates more aggressively or using the central bank’s balance sheet to weaken USD and aid his trade disputes.
The attacks surfaced publicly in Y 2018 when the Fed was still raising rates.
President Trump has kept them up through Y 2019 even as the central bank cut borrowing costs 3X to offset slowing global growth and weaker investment stemming from uncertainty over trade.
Wednesday, the major US stock market indexes finished at: DJIA +187.05 at 28722.76, NAS Comp +130.37 at 9269.70, S&P 500 +32.61 at 3276.24
Volume: Trade on the NYSE came in at 833-M/shares exchanged
- NAS Comp +3.3% YTD
- S&P 500 +1.4% YTD
- DJIA+0.7% YTD
- Russell 2000 -0.6% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish in here.
Looking ahead, investors will receive the following Wednesday: an FOMC Rate Decision, Pending Home Sales for December, the weekly MBA Mortgage Applications Index, and the Advance reports for Wholesale Inventories, Retail Inventories, and Trade in Goods