Yellen's Fed Hike Triggers Mixed Reactions and Uncertainty for Future Rates.

The recent market beatdown cannot be blamed on Fed Chair Powell, as the quarter-point hike had little to do with it. Instead, Treasury Secretary Janet Yellen's comments regarding the potential expansion of FDIC coverage for deposits above a quarter million caused the fiasco. While there is no way regulators will provide an explicit guarantee on all deposits, the debate around FDIC limits will likely turn into a political football in the future. The trader in the author expects a test or breach of $380 support to trap bears and set the stage for an end-of-month rally.