30 Aug '11, 11pm
Aug 9th FOMC unfolded
Aug 9th FOMC unfolded by Patrick See on August 31, 2011 The US confidence index deteriorated sharply to 44.5 from a revised 59.2 in July 2011 – another bad news. The current index is the lowest level since April 2009. US markets fell the initial hour in a knee jerk reaction. On Monday, US markets were up more than 200 points as the US Spending data exceeded the consensus. As the minutes of FOMC was released for the Aug 9th meeting, US major indices broke thru the 11,600 (Dow) 1,210 (S&P) and 2,560 (Nasdaq) resistance. Briefly, though the Fed remains deeply divided on more easing the minutes showed that some Fed officials called for a more aggressive response to the economy’s slowdown. As you probably know, they announced to keep rates low till mid 2013 and agreed to consider more options at the next Fed meeting on Sept 20-21 2011. We’ve had weak numbers for the past … Read...