Fresh record closing highs for the benchmark US indices amid another round of strong corporate earnings releases and after the Federal Reserve left interest rates and monetary policy settings unchanged as expected - Dow up +98-points or +0.45% and the broader S&P500 +0.03%. The NASDAQ rose +0.16% with Amazon closing +1.2% higher and with a market capitalisation above >US$500B for the first time. Investors felt the latest statement from the Fed struck a dovish tone on balance, with the central bank seemingly focussing on the path of inflation (saying in the "near term" inflation will "remain somewhat below 2%" but "stabilise around the Committee's 2% objective over the medium term"). On the balance sheet, the Fed said that it will begin "implementing its balance sheet normalisation program relatively soon, provided that the economy evolves broadly as anticipated" - the words "relatively soon" are a shift from "this year" in their previous statement. The US dollar sold off in the wake of the Fed's announcement (down ~0.64% at 93.49).
