S&P 500 edges lower
The Fed signalled lower rates for longer yesterday and the US dollar has suffered in the aftermath but the stock market is less impressed.
The S&P 500 gained 11 points yesterday after the decision but has given back 3 points so far today. That's hardly the rousing endorsement you would expect. Instead, it's a signal about the impotence of central banks and the exhaustion of monetary policy.
The Fed also highlighted the global risks, which may be keeping stocks on edge (although the oil market doesn't seem to mind).
The thing is, if we're not buying stocks, what else is there? Bonds yield nothing.
