Last week could be best wrapped up by a heat map of the ETF universe, unless it was inverse or tied to volatility, it was nothing but shades of green last week as the FOMC officially ran out of patience but the doves delivered an unexpected surprise via the dot plot. The FOMC has reduced their growth expectations without tying it to a natural event which required them to reduce their interest rate forecasts, bringing them closer to those of the primary dealers.
While the Yinzer Analyst is tempted to do a victory dance for calling a bump and run formation for the U.S. Dollar (using UUP), he's tempered because he sure didn't see the FOMC cutting its outlook. Well neither did anyone else, but that's not the point. What is the point? It's that the shift in the FOMC's outlook is going to have serious ramifications on the market…