Last 30 minutes see a sharp fall to the downside
The US stocks were off highs, but still higher at the end of Chair Powell’s Q&A press conference.
Below is the snapshot of the stocks and bonds at the end of his presser.
This is the picture at the close — 30 minutes later:
Stocks fell. Bond yields went even lower.
There was one headline that caught my attention:
- By some valuation measures, stocks are high historically
It wasn’t exactly «irrational exuberance» but it was not a green light for stocks either
So the stocks snatched defeat from the jaws of victory. As for the bond yields, they latched onto the removal of the word «accommodative» from the statement after years and years and years.