Markets Up Ahead of Today's Fed Announcement

The markets once again finished in the plus column yesterday as traders await the FOMC Meeting Announcement on rates later today.

While no rate hike is expected this afternoon, there is plenty of speculation on when they will begin unwinding their balance sheet.

Either way, market watchers will be focusing intently on the exact words they use to describe their decision on rates, and what their economic forecast is going forward.

Nobody is expecting any surprises. But then again, if they did, it wouldn't be a surprise would it?

Nonetheless, the Fed has been very transparent in their monetary policy decisions. And they have been pretty clear in telegraphing their moves accordingly. So I'm not expecting any fireworks afterwards.

Instead, I'm expecting the market to take whatever the Fed says and does in stride, and ultimately continue its march higher with 2,600 being the next upside target for the S&P.

The FOMC Announcement and the FOMC Forecasts both come out at 1:00 PM CST. Then at 1:30, Fed Chair Janet Yellen will hold a press conference (as she normally does), and provide commentary on the above.

Could be an interesting afternoon.

Best,

Kevin Matras

Executive Vice President, Zacks Investment Research

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