STORM COMES

Fifteen minutes after the announcement and the markets are lower as the SPX is now back under 1300 and the NAZ which was up about 12 earlier is now lower by 7. The fear is rates will continue to go higher as the economy "rebounded strongly" and a favorite "resource utilization poses inflation risk."

Keep in mind that the first move off the fed announcement is usually faded. So far no sign of a turnaround.