Stocks, Bonds Tumble As Powell Warns On Accelerated Taper

Fed Chair Powell has been more hawkish than many expected during this morning’s hearings, specifically noting the non-transitory nature of inflation and the need to use his tools to address it.

One specific thing he raised  was that The Fed “can consider wrapping up the taper a few months sooner.”

This was not what the market wanted to hear and stocks and bonds immediately dumped…

Stocks immediately reversed their post-open ramp…

10Y Yield spiked higher…

And the Dollar spiked…

The Powell-Put just went kaput…

Live scenes of the “Powell Put” $USD pic.twitter.com/Rrsm27KT3y

— Viraj Patel (@VPatelFX) November 30, 2021