"You have a surging equity market which says to me the equity market liked the positive assessment on the economy. You have a surging rate market as it pertains to yields, and a surging dollar. Those are hawkish reactions," said Adrian Miller, director of fixed income strategy at GMP Securities.
While some market participants heard a hawkish Fed, one of the most dovish moves it made was to actually show a changed view of rates for 2015. The Fed projections for interest rates from officials show a lowered median rate next year for fed funds.
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"If you look at the median average fed funds expectations by the numbers for 2015/2016 and 2017, it marginally drifted lower which to me dials back anxieties from the bond market that the pace of the hikes was going to be more aggressive than they would like," Miller said. He said the median for 2015 from Fed officials is now 1 1/8 percent, down from 1 3/8.
Stocks were rallying ahead of the Fed statement, as oil stabilized and energy stocks surged. The market seemed to react well to the fact the Fed discussed problems in Russia and elsewhere and did not see them as so negative that they needed to include them in its statement. It also stressed that low inflation was the result of low energy prices, and it viewed that as transitory.
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"The Santa rally had been hijacked by the energy market. If the energy market behaves itself, and we don't hear any negative news out of wherever, you could see the Santa rally continue into the year-end. The equity market is reacting to a Fed that is increasingly comfortable that the economy might have improved to a pace that afforded them the ability to use the word 'patient,'"said Miller.
While oil equities surged, oil analysts said they don't believe the oil market has yet bottomed though some say it is not far off.