Stocks and gold rallied, and dollar fell on the rumor. Of note is the inconsistency in bonds which did not react to the rumor. As the day passed, dollar gained some of its earlier losses on the rumor but stocks and gold maintained gains.
The Fed statement will be released at 2:00 pm ET followed by a press conference at 2:30 pm. If the phrase is not in the statement, expect stocks and gold to fall.
Core Consumer Price Index (CPI) came at 0.0% vs. 0.2% consensus.
Our very, very short-term early market indicators are neutral.
Gold futures are at $1237, silver futures are at $18.67, and oil futures are $94.59.
S&P 500 resistance levels are 2017; support levels are 1975, 1950, and 1925.