Dec
11
Another for the 2007 History Book, from Kim Zussman
December 11, 2007 |
FOMC meeting day (SPY cls-cls) return for today (-2.74%) is the second-worst of all 94 FOMC days since Jan 1997. Here are the 10 worst:
FOMC Date
09/17/01 -5.2%
12/11/07 -2.7
03/20/01 -2.7
11/12/97 -2.1
12/19/00 -2.0
02/05/97 -1.9
08/13/02 -1.8
08/21/01 -1.7
09/24/02 -1.6
01/28/04 -1.1
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Out of coincidence(or to give the fed more data) the fed meeting was held just a few days after the December jobs report release; a report which gives belief the economy will slow to 1-2 percent growth in 2008 at most. Morgan Stanley is the first Wall Strret firm to predict the US will have a mild recession in 2008.