- The downside volatility was likely due to changes in the dot plot showing a higher median rate for 2024.
- No surprises out of the Fed today however markets displayed some intraday jitters.
- Given the notorious inaccuracy of Fed forecasts, it’s more likely rates will be either significantly higher or lower next year. No need to wager which, just hold steady and adjust as conditions change.
- I expect equities, both broad and concentrated, to rally through the end of the year as we leave behind summer chop and enter seasonal strength.
