Last week, in response to a Bespoke article, I'd generated an image of the change in S&P 500 correlation of the Select SPDR Sector ETFs between the past 50 and 500 sessions.  Since the FOMC statement, nearly all of these sectors have pulled back to their longer term correlations.

    As you can see, Energy has pulled back nearly 20%, with Utilities showing an equally impressive 15% drop in short-term S&P correlation.  As flow has increased broadly across the stock market since the Fed statement, it seems reasonable to accept that most sectors besides Energy and Utilities are now trading at higher correlations.  Note as well that the only sector to switch sides of the line is Industrials, a sector that historically benefits significantly during falling rate periods.