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Stocks Narrow Gap with Alltime Highs

EQUITIES

US equity futures narrowed the gap with alltime highs following the Fed rate decision, despite the initial statement being interpreted as somewhat hawkish. The Fed declined to extend the duration of asset purchases, however forced the message home to markets that the Fed would use communication tools to avoid any future taper tantrum. This makes further alltime highs a firm possibility before the end of the week.

Consumer discretionary and tech names outperformed, with utilities and industrials lagging slightly. The VIX pulled lower following the Fed decision.

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