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Risk markets took a beating after yesterday’s FOMC press conference, with the broad market S&P 500 falling 1.2% and Bitcoin declining 3.7% following Federal Reserve Chair Jerome Powell’s speech. What made markets sneeze, and how are they reacting today?
Markets went into free-fall after Chair Powell proclaimed that rate cuts were “unlikely” to occur by March, an event that the market had been pricing in, and reiterated that we had not yet achieved a soft landing, stating that the fight against inflation has a ways to go.
SUMMARY OF FED CHAIR POWELL Q&A (1/31/24):
1. There was no proposal to cut rates at this meeting
2. "I would not say we have achieved a soft landing yet"
3. "Don't think it's likely" that rate cuts start in March
4. It will take a couple of years for wages to normalize
5.…
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