The Weekly Snapshot of the Market:
The markets felt tentative and vacant as traders eyed a sparse docket of data-less economic prints. However, Fed Speaks filled the void, unrelentingly telegraphing the same hawkish message of the past five months that the monetary stance is heading expeditiously toward a neutral rate, estimated to be around 2.50%. Jerome Powell, Chairman of the Federal Reserve, along with his flock of regional governors, had hawkish words every passing day, culminating with an address that talked down inflation at an IMF-hosted panel show, along with a trial balloon that a 75 bps rate hike was on the table. As a result, U.S. stocks took their worst losses in weeks; the S&P 500 fell 122 points or 2.8%, to end at 4271.
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By Hubert Marleau
By Hubert Marleau
