Weekly Market Commentary 06/17/2016

Despite a heavy calendar of new data during the past week, all eyes were on the Federal Reserve’s policy-setting meeting and the post-meeting press briefing by Chair Yellen. Neither proved to be earth-shattering events, as evidenced by the relatively calm response in the financial markets. To be sure, no one expected any dramatic policy moves, such as a rate increase, given the murky economic backdrop that has unfolded since the last meeting in late April. But there is still a good deal of uncertainty over future policy moves, and the markets eagerly awaited the official policy statement and Yellen’s press conference for some forward guidance.