This volatility is NUTS! We were just down pretty decent (again), but now we are up pretty decent (again LOL). Wait, just looked again, down a bit again. Nuts!!!
Suntrader wrote this about today in another thread: "Drop, spike up, slammed down." So far he is the closest!!!!
Nothing has changed, the entire story of an anticipated "pivot" has been dead from the start. Even when Fed eventually adjusts rate increases downward one can't speak of a pivot, suggesting an adjustment due to wrong policy settings. The Fed targets persistently (entrenched) inflation and in that Fed has been remarkably consistent so far this year. This means further weakness in equity markets and buying of dollar and other safe heaven assets. Each time I follow the presser with trepidation, fearing that Fed indeed might cave in to the popular outcries about weakening equity markets. I stand by my months long assessment that current inflation levels cannot be underestimated and Powell was right that a lot of rent and lease contracts that soon come due will be renewed at much higher rates which will push up inflation in that area further up. Nowhere is a weakening of inflation to be seen in the economy at the moment, hence their persistent fight on inflation is right on and the right thing to do. Fed's mandate has never been to manage stability in equity markets. I am glad and relieved (or rather my positions are) to see that Fed keeps the fingers on the tightening lever.