It was Ben Bernake’s last rodeo, and the Fed chose to pull back on the reins.
The Fed announced that it will reduce it’s $85 Billion per month security purchase program by $10 Billion to $75 Billion per month.
The stock market was down at the time of the Fed announcement and it is now rallying. The Dow was down 60 points, but is now up over 100 points. Bonds have sold off, but that may change as this information is digested.
“I have not failed. I've just found 10,000 ways that won't work.” ~ Thomas Alva Edison
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury