Today is May Day and European markets were closed in an effort to celebrate labor over kapital. Financial markets celebrate the international markets with pageantry but not with higher wages. Yesterday, the Fed released its interest rate decision and as expected there’s another $10 billion cut in asset purchases and a basic steady outlook on the economy. Janet Yellen has unnerved the markets when she dissed the importance of the FED‘s DOT PLOT charts, which reflected FOMC members’ predictions on the fed fund targets for interest rates into the next two years. Chair Yellen said that for the near future it will be words and not “DOT PLOTS” that markets should concentrate on, especially after yesterday’s very weak first quarter GDP numbers. The economy was very weak and the FED now leads us to believe that weather was the primary force and expects the second quarter to pick up some of that delayed demand. Unfortunately, the consumer spending and health care costs were the most robust parts of the first quarter and the consumer spending flies in the face of the weather impact.