Our Commentary
Market Update: September 21st, 2020
By sector, energy, industrials, and materials led the way last week, up at least a percent each; communications, consumer stocks, and #tech all declined at least a percent. Reports of Federal Trade Commission anti-trust discussions about Facebook brought down sentiment. Commodities earned positive returns last week, with strength in energy and agriculture outweighing flattish returns elsewhere.
Federal Reserve Update
Earlier on Wednesday, the Federal Reserve Open Market Committee (FOMC) raised the fed funds target rate by 0.25% to a new level of 2.25-2.50%, which was widely anticipated. The formal Federal Reserve statement was little altered from November, since it noted that economic activity remained strong..