The FOMC came out with their decision today.

They reduced their benchmark short term interest rate by 25 bps.

And they also signaled by a change in wording that they would be more data-dependent on any future changes.

Initially, this was interpreted as a hawkish stance, and the markets swerved accordingly, with Dollar up and gold/silver down and stocks a bit off.

But in a little while, people realized that the Fed was merely shifting into 'neutral' and so those trades reversed.

And so gold, silver, and stocks finished higher with the Dollar lower.

This data dependency might put a little more push behind macroeconomic indicators, such as the Non-Farm Payrolls report on Friday.

After the bell, some of the wunderkind stocks such as Facebook, Lyft, Etsy put forward decent results.

For the first time in a little while, we saw a large offtake of gold from the Comex Hong Kong warehouses.  

And there were no tweets from Trumpolini about the Fed after their announcement this afternoon. That was probably the most unexpected thing in some time.

Have a pleasant evening.

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