CNBC's Steve Liesman: "Every day it seems the stock market goes up triple digits... is it now, or will it soon become a worry for the central bank that valuations are this high?"
Stocks shrugged but bonds and the dollar did not... as gold spiked
The dollar is reversing recent gains quickly...
The long-end is legging lower in yield...
So bond yields lower, dollar lower, and gold higher... not exactly what The Fed would likely have wanted!
With a 98.3% probability heading in, there was really no doubt the most-telegraphed rate-hike ever would occur, but all eyes are on the dots (rate trajectory shows 3 hikes in 2018), inflation outlook (unchanged), and growth outlook (faster growth in 2018), and lowered unemployment outlook to below 4%. The Fed also plans to increase its balance sheet run off to $20 billion in January.
Authored by Pater Tenebrarum via Acting-Man.com,
An Astonishing Statistic
In 2017, stock issuance by SPACs has made a new post-crisis high, surpassing the last peak in 2007 which saw the equity market peak in October of that year prior to the crisis. Before we go any further, we’d better define a "SPAC" just in case you’re unfamiliar with the acronym, although they are also often known as “blank check” companies or “blank check" IPOs. From Investopedia.