Daily Note | May 2, 2024 | Minor Distribution Changes

Stocks closed mixed but that doesn't tell the story as markets zoomed higher following the press release but, by the time Powell was done speaking, had erased all those gains.

Expectedly, the Fed kept rates at 5.25% - 5.50% but did reduce the balance sheet roll-off from $60B per month to $25B per month.

Fed Chair Jerome Powell also indicated that is "unli…