AUTHOR: TOWNE SCHERER.COM 09/19/2015: Towne Scherer Private Wealth Management BLOG: “No Hike!”
The Fed leaves interest rates unchanged, stating that “It does not yet believe the U.S. economy (has) recovered sufficiently from the housing crash to withstand a light tap on the brakes,” according to a report by NBC NEWS. This comes after weeks of market volatility where the Dow swung as much as 14% off its May high. It did not help matters with the financial difficulties of Greece and the collapse of the Chinese stock market which grew 150% before experiencing a $3 trillion loss as reported by BBC NEWS. This occurred just a day after the second Republican debate on CNN, where a hardened Carli Fiorina and an astute Marco Rubio shinned and the front runner Donald Trump didn’t seem to hurt himself. According to CNN, Fiorina “skewered Planned Parenthood,” while Rubio said that “Washington is completely out of touch with the lives of our people,” with Trump enduring many attacks from fellow debaters. Further, Bloomberg reports that the end of the week will greet us with the Consumer Price index, Housing Starts, Jobless Claims and the Philadelphia Fed Business Outlook Survey, acting as a canvas for the non-Fed rate hike. Will the market go up or down on this news? ‘Grist for the mill,’ some would say.
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