The Fed didn't make a pivot, but the market reads the Fed overall communication as a good news. If there is no pivot, there is nothing to worry about the health of the economy. Rates have been raised and the Fed is indicating that further policy tightening should be appropriate. This is a slight softening of the stance. Nevertheless, the market is reacting quite positively in the first reaction. The indices are gaining, the dollar is losing slightly. The lack of change in the parameters of the QT programme is interesting, but it is worth remembering that the Fed has provided a lot of liquidity and probably sees no point in changing its direction. The US500 breaches 4050 points before Jerome Powell conference.
Source: xStation5
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