The two words from Jerome Powell that rocked the financial markets
“Stocks cratered, the dollar hit a more than two-year high and bond yields ripped higher after Fed Chairman Jerome Powell suggested that policymakers were not embarking on a new cycle of rate cutting, after it trimmed the fed funds rate by a quarter point Wednesday.”
USAGOLD note: Gold did not take too kindly to the “midcycle adjustment” comment either. As mentioned yesterday, perhaps now would be a good time for the Fed to issue a clarification although we would be surprised if one were forthcoming.
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