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What a Week
We knew that this week was going to be quite the eventful one with the head of the Federal Reserve talking to Congress, with Michael Cohen ratting on Trump and of course Trump meeting Kim Jong in Vietnam.
So, let’s take them step by step. First off Jerome Powell. It didn’t take terribly long for the brain trust in the Federal Reserve to throw a lasso around Powell, after his boisterous claims to run off the balance sheet AND hike rates 4 times into 2019. Once the market puked up 20% of its gains from October to Dec. 24th, they had a “talk” with dear old Jerry, and “Whalla!” What emerged was the Dove of all doves.