6/20/12 5:33 PM – Choppy Markets, Fed Statement

Markets were choppy but ended not far from breakeven. The S&P 500 was down 2 points, bonds were fairly flat, gold lost 3/4%, natural gas was down 1%, giving back a little of the big pop a few days ago. European stocks were up a bit, Asia was mixed.

The Fed statement referenced a sluggish economy and that is no surprise to anyone. For some it is good news because they think that means more easing is coming, both here and abroad, something that has been good for markets. We’ll see.