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Knee-jerk buying

Jason Goepfert
2021-03-17

The initial reaction among stock investors to the latest FOMC pronouncements was to buy, not a big surprise there. Notably, they also bought gold and sold bonds. Dating back to 2005, there have been 11 other times when GLD rose by 0.5% or more, and TLT fell by -0.5% or more, on a day the FOMC announced its position on interest rates. It tended up to pop over the next few days, but that petered out over the next 1-2 weeks.



For GLD, it tended to be weaker short-term, and stronger longer-term. TLT was mixed up to 2 months later.


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