Fed Event Sparks Significant Market Reaction

The stock market indexes and other assets reacted significantly to the Fed event on Friday. However, as is often the case, this reaction may be a 'head fake', with the trend already established.

Despite Federal Reserve Chairman Kevin Warsh's reluctance to provide guidance, his comments offered some insight into the Fed's thinking.

The SPX futures and other indexes saw clear moves on Friday, but these reactions do not necessarily indicate a reversal of the existing trends. The market is still under pressure from the anticipation of rate hikes.