Quick Note On Today's Fed Announcement and the Stock Market

Fed funds rate remains at "near" zero, and the committee says they'll not raise rates through the end of 2022.

For a stock market that loves low interest rates and easy money, that's beautiful! For a stock market that ultimately discounts the earnings and prospects for earnings of its underlying companies, companies that will likely ramp up the debt on their already bloated balance sheets (that's the point), that's ominous!

I.e., a central bank that believes it'll have to keep an economy on life support 30 months into the future has little faith in the strength of that economy going forward. 

We'll manage portfolios accordingly...