Global equity markets have reacted negatively to the Federal Reserve’s decision to hike the discount rate by 25 basis points to 0.75% after the closing bell yesterday. The Fed Funds rate remains in the zero to 0.25% range and in the policy statement the bank reiterated that rates will be kept low for “an extended period.” But no matter ― stocks in Asia and Europe sank in reaction, including by more by than 2% in Japan and Hong Kong. In the US, the Dow looks to open 40 points lower at 10,335. Around 75 minutes before the opening bell, futures on the S&P 500 are off 6.2 points to 1,099.40. Also, WTI Crude oil is trading lower by $1.07 to $77.99 per barrel and Spot Gold is off 15 cents to $1,108.55. “Financial markets aren’t buying the Fed’s story that the...(read more)

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