With the housing market in freefall, sentiment slumping, earnings expectations plunging, but stocks soaring; Fed Chair Jay Powell better stick to the script today in his press conference – “patient” not “auto-pilot”, “patient” not “auto-pilot”, “patient” not “auto-pilot”, “patient” not “auto-pilot”…
The Fed says economic activity rising at solid rate, jobs strong (labor market strengthened, unemployment remained low), and spending grew strongly’ BUT they are now “patient” on the rate-outlook and “flexible” on balance-sheet normalization.
Good luck explaining that bullshit…
Watch live at 1430ET…
via ZeroHedge News http://bit.ly/2FZUo6q Tyler Durden