Russell Leads Equities Higher With Fed Decision E-mini Russell 2000 Index FuturesCME_MINI:RTY1!CME_GroupToday was a well anticipated Fed meeting over the last few weeks as it has been priced in as the first interest rate cut of the year. The probabilities were accurate and traders saw a 25-basis point interest rate cut today, and the S&P and Nasdaq saw some back and forth price movement before finishing the day slightly lower near unchanged. The Russell saw a strong move to the upside as small cap equities typically outperform in a lowering interest rate environment. Outside of the equities, Gold and Silver saw sharp moves to the downside of this decision, with Silver being down over 2% and Gold slipping near 0.75%. Both of these markets have been shooting to the upside over the last few weeks trading near or at all time highs, which could add to to volatility on the move lower today. The CME Fed Watch Tool is still pricing in 2 more 25-basis point interest rate cuts this year, with one at each meeting in October and December, and traders will be watching this figure as more data on employment and inflation are released before those meetings. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/ *CME Group futures are not suitable for all investors and involve the risk of loss. Copyright © 2023 CME Group Inc. **All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.