The Fed raised rates, initially causing the S&P 500 to drop to its lowest since July, before a sharp rebound: the Nasdaq climbed over 400 points (+1.6%), the S&P rose over 1%. President Trump strongly criticized the decision, saying Warsh should have voted against the board. The 10-year Treasury yield fell to 4.949%, with the bond market validating the Fed’s strategy. Job data remained solid at 196,000 jobless claims, well below the expected 207,000.
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