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On the SPOT™ blog (05/02/2023) [U..]

Steep declines in all three major US indices this morning (PST) as the FOMC meeting commenced today and investors await interest decision due tomorrow. This will be interesting because general expectation was that Feds would likely increase the rate by another 0.25% but there appears to be continued skepticism in banking sector (some regional banks are back plummeting this morning) and several lawmakers have "urged" Feds to halt the rate hikes. Add to that the debt ceiling talks causing jitters as I think Treasury secretary's comments suggested that these negotiations might need to be completed before June. In any case, I think it would be better to check the Feds' decision and supporting commentary before deciding on any trading moves.

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