Fed in No Rush to Raise Rates, Market Rallies as a Result

After weeks of speculation and nervousness about an interest rate hike, the Federal Reserve confirmed today that an increase is likely. However, the market gushed over the fact that the Fed would take its time in raising rates — and stocks rallied as a result. The Dow Jones Industrial Average closed up 1.27 percent to 18,076.19 and the S&P 500 inched up 1.21 percent to close at 2,099.42 while the WWD Global Stock Tracker rose 0.58 percent to 115.60. Of the 100 companies in the tracker, 69 stocks advanced, 30 declined and one remained unchanged. The Fed noted that decelerating inflation and a stronger labor market reflected some strength in the economy, but things could be better — especially when considering the impact of a strong dollar on U.S. exports. Analysts and investors walked away from the Fed announcement thinking that rates may not go up until September. Meanwhile, a pullback in U.S. equities by global investors is expected to continue. In a survey by Bank of America Merrill Lynch, global fund managers said they’ve “significantly pared back U.S. equity allocations” due to an expected rate hike. The survey reported that a net “19 percent of global asset allocators are now underweight U.S.

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Devon Halfnight LeFlufy On Design

With a name like Devon Halfnight LeFlufy — not a made-up moniker — this is one designer who is destined to stand out. LeFlufy, who was recently short-listed for the LVMH Prize, admits he has a love-hate relationship with his name. “Halfnight is my mother’s maiden name and LeFlufy is from my father,” he said. “Sometimes I love that name and other times not.” That said, he’s all about eclectic mixtures. Born in Vancouver and based in Antwerp, Belgium, his inspirations come from Los Angeles subcultures. “My fascination with Americanism was instilled at a very early age,” said LeFlufy, who turns 31 next week. “Vancouver is a very serene place. I loved living there as a kid, my identity was shaped by being a skateboard hoodlum and somehow this stays with me, in my references and in my mentality. “For me, America has been the center of art and popular culture for the last 70 years: the music, the TV and the clothes. So it’s even funnier, when you think about it, that I live and work from a tiny European port town.” He said his aim is to create a world built from surprising but familiar references, “using unexpected material combinations, evoking a

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