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Stocks Cheer Fed's Commitment to Rates Near Zero

EQUITIES
  • US equities traded in the green well ahead of the close, rallying to erase the day's earlier losses as markets perceived the Fed rate decision as notably dovish. The Fed committed further to keeping rates close to zero across the forecast horizon and out to 2023. The decision pressured Treasury yields and buoyed markets well, with the e-mini S&P re-starting an attempt on the key psychological level at 4,000 - which would comfortably mark a new record high.
  • In the US, consumer discretionary and industrials outperformed while utilities and real estate lagged. The tech sector was middling in performance, leading gains across the Dow Jones, S&P 500 and NASDAQ to be relatively uniform at +0.5%.
  • In Europe, markets were more mixed, with Germany's DAX spared from falling lower thanks to a notable rally in Volkswagen, which became the largest DAX constituent after doubling down on electric vehicles. Volkswagen shares rallied well over 10%.
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