After seven weeks of uninterrupted gains (from 12% to 16.5% without the slightest consolidation), the Fed seems to have set off the final bouquet, with an all-time record on the Dow Jones (+1.4% to 37,090), and a shower of annual records on the S&P500 (+1.37% to 4,707) and the Nasdaq Composite (+1.38% to 14.733).

The three main US indices close at their highest for the day, the month of December and the year... and since the end of January 2020, at the end of the finest (+15% on average) and longest year-end rally since 2019.

The Nasdaq-100 gains +1.27% to 16,562... for an annual gain of +51%. This is the second time in the 21st century that such a record has been achieved, after 2009, but it should be remembered that the Nasdaq had just lost almost 55% between the end of 2007 and March 2009. The Russell-2000 closed one of its best sessions of the year (+3.52% to 1,947), with easing interest rates providing a welcome boost to small caps.

The easing of interest rates (towards 4.02% for the 10-year) sent financial stocks soaring, with Zions Bancorp +9%, Boston +8.5%, Citizens +7.6%, Comerica +7.2%, Fifth Bancorp and Kimco Realty +6%, Wells Fargo +3%, Goldman Sachs +2.9%, Citigroup +2.6%.

Contrary to previous sessions, semiconductors did not act as the driving force, ceding this role to utilities +3.7%, real estate +3.6% and consumer goods +1.7%. Apple, however, broke an all-time record with +1.4% at $198, representing a market capitalization of $3,070 billion.

Jerome Powell's "dove-like" comments at the post-FOMC press conference sent the yield on 10-year T-Bonds plunging by -18 basis points to 4.02%, and the 30-year yield easing by -13 basis points to 4.17%.

The Fed takes note of the slowdown in inflation and even estimates - according to its own assessment methods - that core inflation is only rising by 3.1% year-on-year, rather than the 4% announced on Tuesday. It indicates that rate hikes are beginning to have a dampening effect on activity, which is expected to slow in the fourth quarter.

The violent fall in yields pushed the dollar 1% lower against the euro (1.0895), and caused it to lose -1.6% against the Australian dollar and -1.7% against the yen, which soared to 142.9. The dollar index fell -1% to 102.85, the decline being limited by the relative weakness of the Swiss franc (+0.4%) and sterling (+0.45%).

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