As our mentor is still under the weather with his fibro neck pain, here is a brief post about FOMC taken from my IdkitAna:
After FOMC & Before Jobs’ Report
For general information: Quote
As widely anticipated, the Federal Reserve kept interest rates on hold today, and in fact announced it would keep them low for an extended time (they are currently virtually at zero, with the target rates for Fed funds ranging between 0.00% and 0.25%).
Trading around Fed announcements is typically very volatile, so market analysts suggest investors should not read too much into the fact that stocks traded lower late in today’s session. The Fed’s policy statement did not bring any surprises, with the Fed stating that it will ‘continue to employ a wide range of tools to promote economic recovery and to preserve price stability.’
Note that the APP report is considered a precursor to Friday’s official government nonfarm payrolls report (the ‘jobs report’). A second unemployment-related report was however somewhat more positive: Outplacement firm Challenger, Gray & Christmas had calculated that the number of planned layoffs in October was down 16% as compared to September, with 55,679 layoffs planned last month.
Ana aka Idkit