Chart of the Day
Today, Bernanke & Co. increased rates by 0.25% to 5.25% as expected. However, for the first time since it began the current tightening phase, the Fed did not say that it was actively considering another rate increase. Wall Street was positive on the dovish stance and the stock market surged over 2% on the day. For some perspective, today's chart (which is updated through July since the Fed won't meet again until August) illustrates the average change (blue line) in the fed funds rate following a major bottom. While the last Fed tightening cycle (gold dashed line) fell a touch short of average, this tightening cycle has already witnessed a run that is a touch more than average. Stay tuned...
- The market is at a critical juncture. Where we go from here may surprise you. Find out now with the exclusive & highly regarded charts of Chart of the Day Plus.
Source - Federal Reserve Board
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Quote of the Day
"Fear not for the future, weep not for the past." - Percy Bysshe Shelley
Events of the Day
July 01, 2006 - Canada Day
July 04, 2006 - US Independence Day
July 07, 2006 - Running of the Bulls begins in Pamplona, Spain (ends 7/14)
July 11, 2006 - Baseball All-Star Game
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