Was the Fed a Bullish Gamechanger?

What’s in Today’s Report:

  • Was the Fed a Bullish Gamechanger? No, Here’s Why.
  • FOMC Takeaways
  • EIA Analysis and Oil Update

Stock futures are little changed this morning and international markets were mixed overnight amid quiet newswires as yesterday’s Fed decision was digested against a slew of bad corporate commentary so far this week.

Economically, U.K. Retail Sales were 0.4% vs. (E) -0.3% last month, helping the FTSE outperform ahead of the BOE Announcement due later this morning.

Today, the calendar is slightly busy in the morning with several economic reports scheduled to be released: Jobless Claims (E: 225K), Philadelphia Fed Business Outlook Survey (E: 4.4), and Leading Indicators (E: 0.1%), while no Fed officials are scheduled to speak.

That will leave the market primarily in digestion mode in the wake of the Fed and for stocks to meaningfully rally from here, we will need to see the yield curve steepen and the dollar continue to decline, otherwise, the S&P will have trouble breaking back above 2850.