Its Over, page-12820

...what was supposed to be an eventful day turned out to be anything but that. The S&P500 inching closer to 4000 and we are now seeing the reflexive rally to 4200-4300 that was interrupted by down days. US 10 year yields at 2.75pc , expressing increasing growth concerns, which is further validated by Atlanta Fed GDP downgrade to 1.8pc.


US stocks gained post-FOMC minutes


THURSDAY, MAY 26, 2022 - 07:43 AM

• US stocks traded higher with the momentum further picking up in the aftermath of the FOMC minutes which didn’t contain any hawkish or dovish surprises but affirmed there was no mention of 75bps and with stocks bid after the risk event was out of the way.
• FOMC Minutes stated that most Fed officials backed 50bps hikes at the next couple of meetings and all participants at the May policy meeting agreed a half-percentage-point interest rate hike was appropriate. Fed officials also noted restrictive policy may become appropriate and most judged such hikes are appropriate at the next couple of meetings regarding 50bps, while there was no mention of 75bps.
• DXY was firmer on the day and climbed back above 102.00 but eased off highs following the lack of hawkish surprises in the FOMC Minutes and as stocks extended their gains.