Has The Market Stopped Listening To The Fed?
Trading on Wednesday and Thursday stumped some market prognosticators as it seemed to be counter to what the Fed attempted to convey after their February FOMC meeting.
Trading on Wednesday and Thursday stumped some market prognosticators as it seemed to be counter to what the Fed attempted to convey after their February FOMC meeting.
The Fed has the ability to move the markets these days with a sneeze or a cough from the mouth of Chairman Powell.
The Fed has taken a hard line on inflation, which has stolen any chance of a Santa Rally.
The Fed decided to dash the hopes of equity bulls this week as it announced a highly expected 50 basis point rate hike, but also signaled more rate hikes and a higher median/terminal rate.
Markets have turned back to the "good news is bad news" framework this week, despite no Fed speakers and nothing to contradict Fed Chairman Powell's statements of last week.
For the few weeks, you could have thrown out the fundamentals and just paid attention to what any particular Fed member was saying in any given speech to see which way the market was headed.