Markets closed higher on higher than usual volume. The Dollar retreated after Fed minutes was not as hawkish as traders hoped and oil prices briefly dropped below $40 a barrel today before settling higher as the dollar pared gains.
NEW YORK (Reuters) - Federal Reserve officials on Wednesday continued to flag December as a likely time for interest rates to rise after seven years near zero, with two expressing confidence they will be able to pull off a rate hike smoothly despite fears of an abrupt market reaction.
DETROIT (Reuters) - Leaders of the United Auto Workers union scrambled Wednesday to salvage a proposed labor agreement with Ford Motor Co , warning rank-and-file members that a rejection of the deal could jeopardize investments that would sustain U.S. factory jobs.
(Reuters) - Barclays Plc will pay an additional $150 million to New York State's financial regulator to resolve allegations that it rigged foreign exchange trading by putting the bank's interests ahead of those of its clients, the regulator said on Wednesday.
ST. LOUIS (Reuters) - Monsanto Co's long-term growth plans, which include new crop-boosting technologies and expansion into new markets, relies heavily on data science, the "glue that holds the pieces together," Chief Executive Hugh Grant said on Wednesday.
(Reuters) - Lowe's Cos Inc followed larger rival Home Depot Inc in reporting better-than-expected quarterly profit and same-store sales, and the company said it expects higher spending on home improvement to continue until 2017 at least.
NEW YORK (Reuters) - Oil fell as much as 1 percent on Wednesday, with U.S. crude snapping the $40-a-barrel support, as traders looked beyond a mildly positive report on U.S. crude inventories to focus instead on a global supply glut.
CHICAGO (Reuters) - Target Corp faces margin pressure and will not meet its fiscal-year forecast for online sales growth, which slowed in the latest quarter, the discount retailer said on Wednesday, sending its shares down more than 5 percent.
...or to put it another way, here is what Deutsche Bank believes are the only two "upside risks" for markets - "a smooth start to Fed tightening" and "eurozone growth surprises to the upside." Other than that, hope that The Fed reverts to old norms and eases, un-tightens is the last best hope for this decoupled, divergent equity market...
Because we suspect this...
Will not end well for stocks... so do you believe in centrally-planned miracles?
The 28 October 2015 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members (minutes were released today). There was a significant amount of discussion when to raise the federal funds rate: The quote of these minutes was:
... Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labor market, and inflation, these conditions could well be met by the time of the next meeting .....
These meeting minutes seem to indicate a divided FOMC on several key issues.
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