Payne's Perspective: June 21, 2021: Flipped Script
It was a brutal week that held so much promise, including the kind of resolve that has characterized the market since climbing out of the ashes back in March 2009 and fending off pullbacks and corrections in swift order ever since.
But resolve crumbled just as the market was poised to move past the Federal Open Market Committee (FOMC) meeting. The NASDAQ Composite was catching fire, and other indices were holding when St. Louis Fed President James Bullard went on TV and suggested the party would be over sooner than many thought it would or hoped it would.
Currently, a non-voting member of the FOMC, Bullard painted a picture of an economy and economic forces that would be curtailed before 2023, which was the headline coming out of Wednesday’s FOMC conclusion.
Interestingly, while there were few places to hide last week, the shift back to growth picked up the pace. For most of the year, the Dow Jones Industrial Average (not the best proxy for the market or economy) was way out in front of the S&P 500 and NASDAQ, the blue-chip index trailed, while the Russell 2000 maintained the lead..
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