Doctor Jay… Picky Fed-watchers apparently wanted to hear only about the medicine, not the illness. Dr. Powell checked all the boxes on reiterating the Fed’s policy prescriptions, but his less than peppy prognosis for the sickened US economy’s recovery was enough to make jittery investors to lose their patients. Certainly some profit-taking is warranted given the rush higher (recently hot rotation sectors are the biggest underperformers), but taking a wider view FOMC + FOMO remains in place as a dangerous combo to pick a fight with.
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