Federal Reserve
The Federal Reserve's decision to leave interest rates unchanged, along with a steady performance from Hillary Clinton in the first debate has created the conditions for a further market advance into October and early November.
A number of weaker economic data points since August, convinced Chair Janet Yellen and most of the FOMC committee members to remain restrained and leave the rates unchanged. There were three dissenters, the highest number in a long time, which suggest that if the key economic data begins to improve, the likelihood of a December rate increase is fairly high.
In her comments, Yellen noted on the Federal Reserve's patience in light of the absence of any compelling evidence on the inflation front and the motivation to "see some continued progress." FOMC and Yellen did their part to soothe market nerves and reinforce an upward bias.
Election Outcome & Market Outlook
The market…