Price to Earnings, Debt to EBITDA, Price to Book; these are the values that used to drive stock market prices.

Not today…

Per the New York Fed

“We document large average excess returns on U.S. equities in anticipation of monetary policy decisions made at scheduled meetings of the Federal Open Market Committee (FOMC) in the past few decades. ”

Breaking: NY Fed Note

Get our latest report below on trading in and around central bank shenanigans: