The stock market is struggling in the wake of the Fed's latest minutes. A look at why.
For all the talk about how the Federal Reserve was going to bore markets into submission with endless talk about tapering, it’s noteworthy that the S&P 500 SPX, -1.07% suffered its worst decline in a month on Wednesday. There wasn’t really anything shocking or surprising in the minutes from the Fed’s July meeting that was released on Wednesday, but the message is clear enough: The bond buying is going to stop, barring an economic catastrophe.
“Chances are that the dollar will go on benefiting from the focus on the Fed, but can’t go very far, given how far away the first rate still is. Maybe that means that the real driver will be positioning — the speculative market was bearish and short of the dollar a few months ago and is now square, at least, if not already long,” he wrote.
The economics docket includes the latest weekly jobless claims figures, and the Philadelphia Fed manufacturing index for August.
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