At 14:00 EDT on September 16, the Fed raised the federal funds target range by 25 basis points to 3.75%–4.00%. Its statement said inflation remained elevated. The major Asian cash markets had already closed; their September 16 closes could not be reactions to this statement.
Full-session US closing moves were mixed: SPY lost about 0.4%, QQQ was almost unchanged, and semiconductor ETF SMH gained about 0.6%. Yahoo Finance’s dollar-index daily record rose about 0.7% to 100.31, while gold ETF GLD lost 0.6%. Coherent gained about 6.9% and CoreWeave 3.0%. The hike occurred, but a decline in every AI stock did not. Full-day returns do not isolate the statement’s subsequent impact.
Coherent’s recovery was still incomplete. It lost about 12.7% on September 14, gained 1.8% on the 15th and another 6.9% on the 16th, and remained below its September 11 close. A large rebound had not restored the earlier price or certainty about the industry.
Long-duration Treasury ETF TLT gained about 0.2%. It responds to long-end yields, cash-flow discounting, and term compensation, without a compulsory one-for-one inverse link to the day’s policy-rate change. That gain does not establish a coming easing cycle.
Historical backfill: compiled October 4, 2026, with observations limited to the date discussed and US stock and ETF prices through the September 16 New York close. Sources: Federal Reserve statement, September 16 at 14:00 EDT; Yahoo Finance historical prices for SPY, QQQ, SMH, the dollar index, GLD, COHR, CRWV and TLT, sessions between September 11 and 16. GLD is an ETF proxy. Later US information is not used to explain the same calendar day’s Asian closes. Closing responses do not identify a single cause. Dollar-index figures use Yahoo Finance DX-Y.NYB daily records; the provider’s daily cutoff has not been reconstructed, so they are not treated as synchronous with regular stock and ETF closes. Values from different providers have not been reconciled at a common cutoff. COHR and CRWV are analysis subjects only, not KSINQ recommendations to buy, sell or hold them. This article presents personal research and opinion for informational purposes only and does not constitute investment advice.