GSFM’s Stephen Miller writes for Australian Banking & Finance. He discusses the Fed’s announcing its recent decision to keep the policy (Federal Funds) rate on hold at roughly 2.5 per cent.

According to Miller, the potential outcome makes for a lot more agreeable investing environment for 2019 because:

  1. It probably means that the bond rally runs out of steam but that yields move sideways to moderately higher.
  2. Notwithstanding the prospect of slightly higher bond yields, US equity markets eke out mid to high single digit gains from here, building on the solid rebound evident in January.

To read the article, click here.