Yesterday the market felt as though the Federal Reserve let it down, but in reality the Fed did exactly what they needed to. There were no surprises and they stuck to the script. The market wanted them to say we are going to be dovish and not hawkish and keep easy money here, which was not directly stated but when reading between the lines was essentially said. Make no mistake, the Fed is not going to let this economic recovery fall to the wayside in order to appease the hawks and they will be there to put their foot on the gas if needed, but right now all signs are pointing to a recovery large enough that they need to look at an exit strategy...this should be good news, not bad. For those with long-term outlooks it should be apparent how good of news this truly is.
The news out of China however is not so good and a major reason that markets are red today. One has a hard time figuring out China, and rightfully so as they are very much like Dr. Jekyll and Mr. Hyde. One cannot be sure if that is due to design or inexperience, but they definitely need to figure this out and get growth, real growth, to resume.