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Good morning and Happy St. Patrick’s Day! May the markets see green by the end of trading today!
After its regularly scheduled meeting, the Open Market Committee of the Federal Reserve, the body that determines the direction of interest rates, released its Policy Statement, in which contained the statement “The Committee…continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”
The investment public was looking for a continuation of “for an extended period” and that is precisely what it got. The bottom line, continued support for stocks and low interest rates until there is sustained growth in the job market.