Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday, June 12th I'm your host Kim Khan. Welcome to our

special Fed edition of Wall Street Lunch. It was a dovish Fed day. It started

with what Fed Chief Jay Powell called a better inflation report than almost anybody expected,

and neither the statement nor the dots nor the press conference shifted the market sentiment.

It's very rare that the FOMC decision, along with the new summary of economic projections and

PALS remarks, are upstage by Dana, but that was the tale of the tape.

As Martin Prince and the Simpsons might say, the driver is essentially ballast. The quick hits, May

CPI was cool, the Fed statement cited modest inflation progress, the dot plot moved to

one rate cut this year from three, and Powell beat the data dependent drum. It was

off to the races for stocks although the typical post-pressor of profit taking

meant that they closed well off intraday highs. The NASDAQ closed up 1.5% and the SOP rose 0.9% both finished at all-time

highs. But the Dow demonstrated why everyone is expecting NVIDIA to join the index

any day now. The Blue Ship Index fell 0.1%.

The Infotech sector led the rally, gaining more than 2%, as Apple added another 3% after a big rally

in the previous session.

Traders took profits and bonds as well later in the day.

Treasury yields slumped but ended off their lows.

Traders took profits and bonds as well, Treasury yields slumped but ended off their lows.

The 10-year Treasury yield fell to 4.33%, it had been down as low as 4.26%, levels not seen since April. The markets are back to predicting two rate cuts for

2024. Fed Funds futures are pricing in a first rate cut in September with a 60

percent chance up from 50-50. That's in line with the expectations of the Wall Street

...