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The US markets ended mostly in red on Wednesday following the Federal Reserve's monetary policy announcement. The Federal Reserve announced its widely expected decision to leave interest rates unchanged. Citing a lack of further progress toward its 2 percent inflation objective in recent months, the Fed said it decided to maintain the target range for the federal funds rate at 5.25 to 5.50 percent. Members of the Fed also reiterated they need greater confidence inflation is moving sustainably toward 2 percent before they consider cutting interest rates. Meanwhile, the Fed said it would continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities but revealed plans to slow the pace of decline.
The central bank said would slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion. The monthly redemption cap on agency debt and agency mortgage-backed securities will be maintained at $35 billion, and the Fed will reinvest any principal payments in excess of this cap into Treasury securities. The Fed's next monetary policy meeting is scheduled for June 11-12, with the central bank likely to leave rates unchanged once again. On the economic data front, payroll processor ADP released a report showing private sector employment increased by more than expected in the month of April. ADP said private sector employment shot up by 192,000 jobs in April after jumping by an upwardly revised 208,000 jobs in March. Street had expected private sector employment to climb by 175,000 jobs compared to the addition of 184,000 jobs originally reported for the previous month.
Nasdaq fell 52.34 points or 0.33 percent to 15,605.48 and S&P 500 was down by 17.3 points or 0.34 percent to 5,018.39, while Dow Jones Industrial Average rose 87.37 points or 0.23 percent to 37,903.29.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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