Payne's Perspective: April 25, 2022: Unmoored?
Friday was another brutal day for the market, which had exhibited some signs of life during the week – in fact, until Friday, the S&P 500, New York Stock Exchange (NYSE), Dow Jones Industrials, and even the Russell 2000 were higher on the week. The upside moves came on light volume but otherwise internals improved.
Then in the middle of the day on Wednesday, Fed Chairman Jay Powell and his shadow Fed Chairman James Bullard laid it on thick about the need to get aggressive, yet there was not a sense of irony or humility that I could discern. But there does seem to be a seriousness about the mission at hand.
Essentially to undo their own mistakes, which led to the cover of The Economist: The Fed That Failed.
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