Dow Jones Industrials hits a new all-time high as it surpasses 37,000 for the first time ever! Stock Market hits highest level of greed since August 8

Dow Jones Industrials hits a new all-time high as it surpasses 37,000 for the first time ever! pic.twitter.com/HRFkZcEApq

— Win Smart, CFA (@WinfieldSmart) December 13, 2023

Stock Market hits highest level of greed since August 8 pic.twitter.com/FjsN6SQNJ4

— Win Smart, CFA (@WinfieldSmart) December 13, 2023

Who would have thought that Fed tightening is followed by jumps in volatility pic.twitter.com/U02UnGCwhu

— Michael A. Arouet (@MichaelAArouet) December 14, 2023

Markets had the BEST day since 2009

Major assets all climbed at least 1% each

Wild. pic.twitter.com/VyzFK9SNHs

— Genevieve Roch-Decter, CFA (@GRDecter) December 14, 2023

The Fed Pencils in 2-3 Rate Cuts in 2024, the Market Expects 4-5

The FOMC statement itself said nothing. The action is in the Fed’s projection materials.

FOMC Statement

Please consider the Fed’s December FOMC Statement.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. …..

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.