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Stocks Recover Fed-Induced Slip

EQUITIES
  • Wall Street fell sharply in the immediate response to the Fed decision, with the e-mini S&P shedding over 35 points in the immediate response to hit 4,200.75. These losses proved temporary, with stocks rallying sharply off the lows and steering clear of any test of the key support at the 4,172.4 50-dma.
  • Bank stocks were the key beneficiary of the FOMC, with a steeper and sooner return to rate liftoff steepening the Treasury and working in favour of banks. Utilities and consumer staples were the hardest hit.
  • European indices were more mixed, with Germany's DAX and Spain's IBEX-35 lagging, while the UK FTSE-100 and France's CAC-40 outperformed - albeit only slightly.
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