After its two day meeting the Open Market Committee at the US Federal Reserve announced a 0.25% lift in its official cash rate. Nothing happened. The US dollar is steady, shares edged lower and commodity markets continued to march to their own drummer. Futures are pointing to a downward drift for Asia Pacific share markets today.

The muted market reaction is a tribute to the Fed’s open communication policy. Interest rate markets slightly lifted the probability of a December rise to around 77%. 

Market attention now turns to macro data. Industrial profits from China this morning lead into inflation readings in Europe and US national account components data tonight. Tomorrow brings Japanese CPI and retail sales and Australian credit numbers. Investors are likely to focus on any growth and interest rate implications.

In a piece of good market timing Australian listed Beach Energy unveiled an aggressive five year growth strategy at an investor briefing this morning. Traders will examine the plan in light of crude oil prices at four year highs, and the combination of factors may see Beach shares crack the $2 mark.