Stocks, Yield Curve Collapse As Powell Signals “Not Start Of Easing Cycle”

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!!

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Author: Tyler Durden