Stock Market Update

[BRIEFING.COM] Things are little changed at the index level in recent trading.

Expectations for a rate cut at the January FOMC meeting declined in response to the FOMC decision yesterday after the Fed signaled that rates would stay higher for longer. The fed funds futures market sees an 8.6% probability of a 25 basis points cut in January, down from 20.8% last week, according to the CME FedWatch tool. The likelihood of a rate cut at the March meeting also decreased, to 48.8% from 66.4% last week. 

The 2-yr note yield, which is most sensitive to changes in the fed funds rate, is down five basis points to 4.30%.