Federal Reserve Policy indicator unchanged

The Federal Reserve Policy 
market timing indicator
was Moderately Bearish
in the last newsletter
and does not change
as a result of the 
Fed Funds rate reduction
yesterday.
(still Moderately Bearish)



This indicator 
consists of
two parts:

(1)
Fed Balance Sheet changes,
which remain Bearish, 
after yesterday
and 

Fed Funds Rate target,
which had been 
Neutral, 
due to no changes
in over six months,
but is now rated
Moderately Bullish
after the Fed Funds
target reduction 
yesterday.

Another Fed Funds
rate reduction
within six months
would change the
Federal Reserve Policy
indicator to Neutral,
assuming no change
in the Fed Balnce Sheet
reductions.