Tuesday gave the markets a JOLTs that the job market was not rolling over yet. With a Fed furiously intent on dropping inflation, that datapoint sent some shockwaves to those that were anticipating a dovish message via Powell Wednesday. While he did say they would take the “cumulative effects” into account, Powell also said they have “some ways to go”. Cue another week of declines for the broader indexes (SPX -3.3%, RTY -2.7%, CCMP -5.6%) as traders readjust their books to the higher for longer outlook.
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