Well that upset the market…
Given the market’s expectations for 4 rate cuts and more if it really wants, Fed Chair Powell just stole the jam out of the market’s donut by saying this was a “mid-cycle adjustment” confirming that this is “not the start of an easing cycle.”
Stocks tumbled….
This presser marks the 10th time out of 12 that S&P has dropped during Powell presser. Not a great record.
And the yield curve crashed…
And the dollar surged to its highest since My 2017…
Stocks down and dollar up – Trump won’t be happy!!
via ZeroHedge News https://ift.tt/2KeOiPj Tyler Durden