The Fed raised 75 bp today as expected, but it was the projections of future increases that threw the risk markets for a loop.

I have highlighted them in the daily economic data report that I posted below.

The Dollar rocketed higher on the expectations of higher rates, sinking a close on the 111 handle. Wow.

This is the highest that index DXY has been since 2000.

Gold and silver finished slightly higher, most likely diverging from stocks on a 'flight to safety.'

Interestingly the VIX finished relatively flat.

I have often wondered if the large number of gold and silver contracts that certain banks post on the COMEX clearing reports for 'customers' include the funds and ETNs for which they have custodial responsibilities.

Let's see what the rest of the week brings.

Have a pleasant evening.
 

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