What a week can do. Even after today’s drop, the S&P 500 is still 110 points higher than when Powell spoke post-FOMC. Markets have shifted their outlook to higher till next May (as of this morning), with rate cuts starting then. Fed heads this week have not changed that new investor expectation, but traders will always give added attention to Chairman Powell. Today he commented that the Fed is “not confident” policy is at a restrictive enough level, offsetting the dovish tilt investors had pric…
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