The Peter Shift Show.

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Well as expected earlier today the Federal Reserve Open Market Committee

announced that interest rates were

going to stay the same at 5.5 to 5.5.

Now pretty much everybody expected that one of the things that the Fed did

that I think people expected was to officially kind of announce that the rate hikes are over because from the prepared

statement they removed the language with respect to a bias towards tightening.

Now pretty much everybody assumed that the rate hikes are over anyway,

but I mean this was kind of an official confirmation

that there's no more hikes coming but everybody is already one

step ahead and they're anticipating maybe half a dozen rate cuts many people

thought that the first rate cut would happen as early as March.

Well, one thing that the markets didn't expect, and in fact were caught completely off guard is in the Q&A period in response to a question

about the March rate cut,

basically rained all over that parade and said,

it's not their base case,

that it's not a likely scenario that rates are going to be cut in March.

And the minute or the second rather that those words passed the Fed Chairman's lips, everything tanked.

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