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Market check: Stocks climb after Fed's commitment to inflation tactics

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Yahoo Finance Live's Jared Blikre examines the market action following the latest FOMC meeting, in addition to how the bond market and U.S. dollar are digesting the Fed's latest economic strategy.

Video Transcript

JARED BLIKRE: Well, I'll tell you what. We've got to take a look at the market right now. Everything had been in the red in the US. That was just prior to those FOMC minutes. But now, we are seeing a sea of green-- well, except for the Russell 2000 there. Here is the NASDAQ composite. You can see it just hit session highs a moment ago. And we want to take a slightly longer term look. This is a two-month chart of the NASDAQ. You can see just punching above slightly yesterday's big breakout day.

Also taking a look at the bond market, huge moves we got to get to here. The 10-year yield, huge outside reversal day. In the candlestick business, we call that a bullish engulfing. Anyway, important potential reversal that we want to keep track of. And also got to take a look at the 13-week T-bill. This is a very short end of the curve. This tracks what the Fed is actually doing with the Fed funds rate. This gapped higher this morning.

And I've got to tell you, also looking at that JOLTS report that you were talking about Rachelle, two jobs for every person who's looking for one, well, we saw rates go higher on that. Also the US dollar at 20-year highs. Here, we can see over the last 20 years, well, down about 55 basis points. But on a max chart you can see we have now punched above these highs here. And as I've been saying, maybe a race towards 120 is forthcoming.

And we want to take a look at the sector action for today, because we have utilities and tech in the forefront, each up more than 1%. Very interesting because we have yields racing higher. And those are very sensitive to yields. We'll talk about that with some of our market guests. Also, we have energy racing to the downside. That is down 2%-- excuse me-- Rachelle.

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