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Followers are nice. Trust pays better.
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Anxiety got the better of Wall Street on Tuesday, with the stock market tumbling ahead of tomorrow's policy announcement from the Federal Reserve.
Many of Wall Street's top minds are weighing in on how big the Fed rate hike will be. Among them is Brad McMillan, chief investment officer for Commonwealth Financial Network, who, like almost everyone, believes the central bank will hike rates by 75 basis points. A basis point is one-one hundredth of a percentage point.
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"Where things get interesting is in the follow-up comments, where the market tries to parse what this means for the Fed's policy decisions through the rest of the year," McMillan says, referring to the press conference Fed Chair Jerome Powell will hold immediately after the announcement. "Expectations are very hawkish, and the Fed can come out just as expected and still be more dovish than expected. That likely limits the market downside from this meeting and just may provide some upside going forward."
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But today, investors envisioned higher rates ahead, which weighed on bond prices - and sent the 10-year Treasury yield up 7.2 basis points to 3.561%, its highest perch since 2011.
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Broad selling was seen in the equities mar
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