Janet Yellen does not leave the Federal Reserve with a big bang. In what was the final major act of the departing chair of the Fed, she did not come up with any surprises. Janet Yellen announced a third and final raise of interest rates in 2017, she is expecting an economic growth and lower unemployment levels next year and the Fed is likely to increase interest rates three more times in 2018. But maybe this is exactly the way a chair of the Fed should move: inconspicuously, predictably and boldly. It will be hard for Janet Yellen’s successor to copy her behavior.
US stocks mostly rose on Wednesday, with the Dow (+0.33%) ending at a record for a fourth straight session. The Fed raised interest rates, as had been widely expected. The S&P 500 was up for most of the day, but slipped into negative territory in the final minutes of trading (-0.05%). The NASDAQ rose 0.20%.
Volatility went up and down yesterday, but the VIX climbed strongly in the last hour of trading (+2.6%). UVXY ETFs could not profit from this late gain and closed 0.44% lower. XIV ETNs recorded a small gain: +0.39%.
Danny Daredevil recorded a small loss and his RSS dropped to 12%. Adventurous Anny is holding cash. Her RSS remained at 22%. Solid Suzy and Lazy Larry saw their RSS rise to just above 92%.
None of our models gave a trading signal at the end of yesterday’s session.
RSS = Return Since Start | YTD = Year-To-Date | QTD = Quarter-To-Date | AAR = Average Annual Return
Did you know?
For 30 years already, there is a raging debate going on as to the correct way to pronounce the word ‘GIF’ (a graphics file format that was invented by Steve Wilhite at CompuServe in 1987).
Many internet pages have been dedicated to the subject, like:
The GIF Pronunciation Page (OlsenHome.com)
How do you pronounce “GIF”? (Daily chart – The Economist)
How To Really Pronounce GIF (howtoreallypronouncegif.com)
How to pronounce GIF, once and for all (NY Daily News)
and so on, and so on.
Even CNN chipped in with an article more than four years ago: It’s settled! Creator tells us how to pronounce ‘GIF’. But to no avail. The debate has raged on ever since.
René didn’t know anything about it, until he found out today, by coincidence.
And it made him a little bit less optimistic about humanity’s ability to solve the world’s most urgent global issues.
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