Stock markets down but moves tiny compared to bonds and FX
The S&P 500 is down 7.7 points after the open to 2097.
The idea that the Fed won't hike rates is good news but the a weak US economy is bad news. What wins out?
My sense is that the cheap-borrowing/buyback/financial engineering/multiple growth story is beginning to get played out and that the stock market can't rally on the Fed alone anymore. Growth will ultimately win out and that will weigh on stocks.
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