Before and after the FOMC

A minute before the FOMC:

  • Gold was up $2.66
  • S&P was down -0.82 points. Nasdaq is down -12.68 points
  • 10 year yield was down -1 bp to 2.23%

Currently:

  • Gold is down -$7.75
  • S&P is down -3.81 points. Nasdaq is down -25 points
  • 10 year yield is up +2.8 bp to 2.2729%

Bank stocks are higher on the hike and B/S taper. The idea is the banks will earn more on their interest rate spread as lending rates move higher.

Before the decision:

  • JP Morgan was trading at $94.22. It is now trading at $94.91 up 1.01% on the day
  • Citigroup was trading at $71.29. It is now trading at $71.94, up 1.11% on the day