September 19, 2019

Asian and European stocks traded broadly higher today as investors digested a slew of policy decisions post-FOMC; Norway raised rates to buoy its currency, but as expected the BOJ and BOE stayed on hold in the wake of the Fed rate cut yesterday. U.S. stock indices opened higher but rolled over a bit late in the day to end the session mixed. The S&P is back within spitting distance of this summer’s all-time high after Chair Powell indicated yesterday the Fed stands ready to do more if growth sputters more than expected. The curve flattening seen post-FOMC largely held as Treasury yields moved slightly lower in tandem. The pound strengthened on some incremental comments from EU’s Juncker that he was prepared to get rid of the so-called backstop from a withdrawal agreement so long as all the EU’s objectives are met.