The FOMC hiked rates 75 bps Wednesday, the largest rate boost since Greenspan’s lone 75 bps move more than 27 years ago (November 1994). For anything bigger, it’s back to the Volcker era.
we ll have full coverage as soon as they cross the wire. in the meantime, let s break down all of today s market action. with us today, nathan bacharach, and jim holson from wells capital management. jim, you ve been loving this rally. does it continue from here? i think so. i ve been on record since year end saying the s&p would hit 1700 this year. i think that s probably likely. although i do think that maybe in the second half, the market starts to tread water a little bit. i think confidence has been the main driver here. the multiple has gone from 14.5 at year end over 16 times, about a 10% multiple gain. that s a lot of the advance this year. and that s about rising confidence that this recovery is sustainable and we re becoming less susceptible to external events and armageddon stories. and i think you re seeing that go to the markets. the problem is, in the second half, that s going to go right through bond yields as well. and i think bond yields are going to climb,