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Market Brief – Wednesday 9/21/22

Stocks started the day a bit higher, and Treasury yields a bit lower ahead of today’s FOMC rate announcement.

Mortgage applications rose +3.8% last week as purchase applications rose slightly and refinance applications rose.

Existing home sales fell -0.4% in August to 4.80 million homes sold.

The Department of Energy reported crude oil inventories as Crude: +1.142mm (+2.161mm expected), Cushing: +343k, Gasoline: +1.569mm (-431k expected), and Distillates: +1.231mm (+420k expected).

The Federal Open Market Committee raised the Federal Funds Rate by 75 basis points and projected they would continue raising rates and holding them near 4% for most of 2023.

After a wild see-saw action following the FOMC press conference, stocks closed sharply lower on the day. Long-dated Treasury yields, sensing Powell is making a huge policy mistake, also closed lower on the day.