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Need to Know: The dark side of midterms that may stop the S&P 500 from busting through its ‘ceiling’

As some fatigue sets in at the end of a long trading week, lots of fingers are pointed at the Fed which held interest rates steady this week and stayed on course to move rates higher in the months ahead.

“Just as the feel-good factor was beginning to return to the markets, buoyed by the result of the U.S. midterms, the Fed swooped in and brought everyone back down to earth,” said Craig Erlam, senior market analyst at OANDA.

There’s been plenty of grumbling over the central bank’s unwillingness to budge on that hawkish stance. Wolf Richter of the Wolf Street blog has had enough of the Wall Street “crybabies” who think the Fed is going to mess everything up.

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