2:19 p.m. The Federal Reserve surprised no one with its statement today, but the lack of news didn’t juice markets.
The S&P 500 has declined 0.2% to 2809.63, while the Dow Jones Industrial Average has risen 46.93 points, or 0.2%, to 26,227.23. The Nasdaq Composite has dropped 0.4% to 7,539.47. That’s right around where all three indexes have been for much of the day. The 10-year U.S. Treasury yield, at 3.23%, is near where it was around midday.
There is good reason for that.
The Fed released what “could have been the most boring, dull, and uneventful one I’ve read in a long time,” writes Bleakley Advisory Group’s Peter Boockvar. “Nothing was said about tariff-induced higher inflation and certainly no mention of higher wages. And there was not one mention about the slowing housing and auto sector. It was just about exactly what was said in September. They felt no need whatsoever to commit in any one direction before next month’s meeting.”
Write to Ben Levisohn at [email protected]