After sppoking markets briefly with an optimistic readout of how awesome the economy is, Fed Chair Jay Powell gave them just what they wanted – reassurance that The Plunge Protection Team is alive and well…
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*POWELL: WE ARE ALWAYS PREPARED TO SHIFT STANCE OF POLICY
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*POWELL SAYS FED WILL BE PATIENT, PREPARED WITH FLEXIBLE POLICY
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*POWELL SAYS FED LISTENING CAREFULLY TO MARKET’S RISK CONCERNS
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*POWELL: IF NEEDED, FED WOULD CHANGE BALANCE-SHEET RUNOFF POLICY
This is a very different tone for Powell’s communication style – clearly signaling he got the message from markets that his hawkish pre-position perspective on halting asset bubbles is utterly useless once you get the role of Fed Chair – and stocks soared…
And that has sent US equity markets into the green for 2019…
via RSS http://bit.ly/2SzYPY5 Tyler Durden