Oof

The Fed

Brief remarks today (just like the Fed).

If there was any question whether or not the Fed can completely overwhelm market behavior then it should be gone now. They took a tough stand - getting inflation under control even if it’s painful.

Markets didn’t like that and took a big hit. The mini rally we’ve had the last few weeks is now under some pressure with the previous trough less than a -10% drop away.

That’s a little close for comfort, so we better hope that we see some positive data prints next week or things could get ugly!