(as of 7:10 AM PST)
Yesterday's Federal Reserve meeting set markets afire in the afternoon resulting in yet another triple digit change in the Dow, this time to the upside. The dollar crashed as markets advanced while Fed Chair Janet Yellen spoke. The Fed removed the word 'patient' from its policy statement and continued to lean to the June timeframe for a possible rate increase. The positive reaction of the markets came from the fact that the Fed lowered expectations of any significant rate hike well into the future. This morning's action saw a return to normalcy. In economic data, the Leading Economic Indicators gauge ticked up slightly while the Philadelphia Fed index, a measure of current economic activity was up slightly, but below analysts' estimates. The dollar gained back most of yesterday afternoon losses and markets are mostly down giving back a part of the surprise post-Fed rally. Oil continues to fall heavily while gold is up about 1%. We may well see another triple digit Dow, this time to the downside. International markets are mixed.
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