Atlanta Federal Reserve Bank President Raphael Bostic

 

The S&P 500 was flirting with disaster yesterday. The critical 200-day moving average took us down to about 3,940. A break under that line in the last year has fueled dramatic selloffs.

Then, at around 1:30pm ET, Atlanta Federal Reserve Bank President Raphael Bostic said that the Fed could “pause” on its rate hikes by late summer.  Bostic also said that he’d like to see rates increase by 25 basis points during the Fed’s meeting in two weeks.