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Now that Jerome Hayden Powell has done his eight-times-a-year thing once more, let’s catch up on some important equity indexes. My conclusion is overall the same: he didn’t change a thing.
Look at the Dow Jones Composite. Today’s Powell love-fest, which included his typical donning of his kneepads for the billionaire class, did nothing but produce a red bar. More importantly, it has become a cliché at this point that the days following the FOMC Kabuki theatre are quite weak. Break that horizontal line, and pencil-dick gets a black eye.