Everything’s rallying after the Fed meeting

Yesterday, the Fed not only didn’t raise interest rates at its September meeting (a December increase gets odds of about 60%), but it also pointed toward interest rates rising more slowly in 2017 than projected in June. The Fed consensus now says two interest rate increases in 2017 rather than three. So the market got a present yesterday of lower rates for longer. Hence today’s rally

Bank of Japan does even less than expected today

The Bank of Japan threw the country’s financial sector a bone today–not much more than that certainly. At its regular monetary policy meeting the Japanese central bank said it would keep its short-term policy rate at a negative 0.1% while working to keep the yield on the 10-year government bond near 0%

One more thing: Oil inventory report due tomorrow

I’ve got one more item to add to your “to watch” list tomorrow: the weekly report on U.S. oil and gasoline inventories from the U.S. Information Administration. Analysts are expecting a jump in oil inventories in the United States of 2.8 million barrels for the week ended on September 16. On the other hand, they’re expecting that gasoline inventories will show a 500,000 barrel decline