Charting the Markets: Fed? What Fed? Unless You’re in Treasuries
Most Important Two Minutes of the Fed News Conference
This article is for subscribers only.
If you were counting on Janet Yellen to either set the markets alight or you fretted about the coming apocalypse last night, you were in for a more nuanced reaction – unless you’re in credit markets. The U.S. two-year T-bill yield jumped the most since March 2009. But the benchmark U.S. index, the S&P 500, took just 48 minutes to give up its post-decision gains.
Across Europe, equity markets opened lower after the decision. The least punished of the indices was the U.K.'s FTSE - helped in part by Randgold, which rose with gold prices and comments from CEO Mark Bristow.