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!