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Fed Steady on Rates, Sets Date to Unwind, Market Closes Up
As expected, there were no surprises in yesterday's Fed Announcement.
They kept interest rates steady (Fed Funds rate at 1.00-1.25%); they expect one more hike by year's end; they will begin gradually unwinding their balance sheet in October; and they increased their forecast for 2017's GDP to 2.4%.
The markets largely anticipated all of the above, and closed mostly higher on the news.
As I mentioned yesterday, the market would likely 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.
So now the march to 2,600 begins.
And with earnings season right around the corner (the market typically goes up during this time), that price target could be seen sooner rather than later.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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As expected, there were no surprises in yesterday's Fed Announcement. 
