Ready Fed-dy 👀
Sandwiched between the RBA yesterday and the FOMC tonight, there was a flurry of activity until lunchtime, before the market flatlined over the afternoon. Small caps were smashed, down 1.5% by the close. The RBA’s 25bp rate hike was passed straight into the variable mortgage rate by all the major banks, surprising no-one. ANZ didn’t disappoint, and financials closed up 0.6%. Previous market darlings AVX and ARB were thumped lower in the double-digits. JB Hi-Fi tested market patience with another vacuum of forward guidance, ending down 5%. By sector, tech opened lower and sagged all afternoon as bond yields soared, closing down 1.4%. The S&P/ASX200 closed at 7305, ever so slightly in the red, although blue chips managed to eke out a small gain.
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