Wednesday, December 16, 2009

Update dj30 post fed meeting

dj30 flirted with the 15000 level but was halted at 15011 resistance and unable to get past Monday's high. US federal reserve pointed to the reluctance of businesses to hire workers as a main reason to continue to hold rates at historical lows. Economic conditions "are likely to warrant exceptionally low levels of the federal funds rate for an extended period,".. The word is that the fed will not hike the rates until at least summer of 2010. The fed failed to define an exit strategy in the meeting underscoring uncertainty in the economy.

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