Why Did #Stocks Crash Today? Here is the Answer! #EP201
Ticker Time News
#Investing #Stocks #Markets After some whipsaw action immediately following Fed Chair Powell's speech today, the market trended absolutely lower into the close. The market opened to only modest losses after a welcomed moderation in the July PCE Price Index before Mr. Powell's comments fueled a negative disposition. Market participants got the impression that the Fed is going to keep raising rates to a restrictive level and won't be pivoting to a rate-cut cycle anytime soon. Just like we’ve been talking about right here for a couple of months now. And that’s in keeping with the views heard from other Fed officials that have given rise to a "higher for longer" narrative. The unfortunate byproduct of the effort to reduce inflation, Mr. Powell noted, is that it "will also bring some pain to households and businesses."
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