Central bank policy announcements, once viewed as the rule book for how markets should move, are not resonating with traders any more.
Take Wednesday¡¯s U.S. Federal Reserve rate move. The central bank lifted its main funds rate by 25 basis points to its highest since 2007 as it continued its fight against inflation.
Yet the S&P 500 hit a five-month high, as traders focused resolutely on the idea that the world¡¯s most influential central bank would change course soon.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.