Stocks went into a bit of a trance in early afternoon, awaiting the release of the FOMC Minutes at 2:00.
The Minutes were stunningly verbose, about 8000 words of discussion as opposed to the 4000 to 5000. That alone suggested how uncertain the FOMC was.
They went into the on the other hand mode so often, it prompted some of us to harken the Hindu goddess Lakshmi, she of the many arms. The Fed’s apparent timidity caused the Treasury market to spike, followed by stocks. Stocks then had doubts and sold back down, only to reverse upward later. I guess it isn’t just the FOMC who is indecisive. Thus a neutral close.
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