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The S&P 500 rose three percent on Wednesday and then promptly fell 3.5 percent on Thursday.
It’s not as if anything unexpected happened at the FOMC meeting. The prevailing wisdom was that the Fed would raise rates by 0.5 percent, and that’s what they did.
The “not 75” outcome was supposed to signify a dovish Fed, hence the immediate "buy" trigger. But nothing else in Powell’s comments or the post-meeting press release suggested that the Fed is dovish. Or is it?