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By: Tom Gentile
on September 22nd, 2021
The Federal Reserve’s decision on interest rates was to NOT raise short-term interest rates – Big surprise (being facetious).
They (Chairman Powell) walked a tight rope and they said what they needed to say.
The markets were already experiencing a day of gains prior to the announcement. The markets popped a bit more from that point of gain on the announcement, but then settled back to where they were before it.
Ultimately, they settled back a bit more into the close.
The encouraging thing to me was the markets did not take a ‘sell the news’ approach which would have seen the markets sell off and give back all the gains or go negative on the day. What the bulls need now is follow through.