Inflation, spikes in bond rates, big-name tech crashing… There’s so much chaos it’s almost funny. Then there’s the latest quarterly meeting, where Federal Reserve Chair Jerome Powell was supposed to save the day. Well, that’s not exactly what happened…
With everything we’re seeing right now, this meeting was even more important than usual.
This isn’t Ben Bernanke’s Federal Reserve anymore. He played things close to the vest. This Fed telegraphs everything. There is nothing to hide when it comes to Powell’s policy. That’s not good for the markets…
And we have something to say — and laugh — about it.
We joked recently about how you used to have to guess what the Fed would say. It kept Wall Street on pins and needles, and it kept people honest. Not anymore.
In WealthPress Senior Strategist Roger Scott’s words: “I want to play poker with these guys! They can’t keep a secret to save their lives!”
You can find a transcript here, but in short… This Fed announcement took that to a whole new level.
Our Reaction To the Fed Announcement…
Powell came out and gave the Fed’s plans for everything. He outlined its GDP growth expectations… what inflation it does and doesn’t care about… he even brought up a new focus on inflation averages… which always look backward.
In short: Powell said the Fed will not raise rates no matter what. They’re making a bet that inflation and bond rates won’t rise to dangerous levels.
They’re making a bet that commodities won’t spike and tech companies won’t go out of business due to rising rates.
Our initial reaction to the Fed’s announcement, as we filmed this before the opening bell, is that it got too cocky.
Check out our discussion in the video below to get our full reaction to the Fed’s announcement.
As always, guys, please feel free to email your trading questions to jeff@joyofthetrade.com — there’s a lot happening right now. And if you liked this reaction video, make sure to stay ahead of the markets by subscribing to our YouTube channel.
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