You still have a lot of uncertainty, and the jobs report tomorrow, which will set the stage for what the Fed could do. You're just not going to see a lot of buyers in the market ahead of that.
More Quotes from Jeff Kleintop:
What he's coming through very clearly and saying is we will probably pause soon but don't assume we're done because we pause. ... But I think the market is just reacting to 'Hey, hey, Ben said we might be done soon'. Whenever you take a little uncertainty out of the picture, well, the market is going to like that.Jeff Kleintop
Overall, following the statement, the market is fairly clear that the Fed will keep raising rates by a quarter percentage point at each meeting through the end of the year, ... What the market is less sure of is what impact this will have on the economy.
Jeff Kleintop
No doubt a fall in energy prices makes his job over the next 12 months easier.
Jeff Kleintop
Stocks are pretty flat, which I think is positive considering the litany of potential inflation risks mentioned in his (Greenspan's) testimony.
Jeff Kleintop
There is disappointment in the stock market that they gave no sign that they're any closer to being done.
Jeff Kleintop
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