The market did not want to hear that today’s cut was a ‘risk management cut’ which is how Fed Chair Jerome Powell characterized it. The market is pining for another 150 bps this year a next. With Powell not offering up a dovish stance, there is some rapid profit taking hitting.
The S&P 500 is bouncing around but currently down 28 points.
We are also seeing a total reversal in the initial US dollar selling and gold buying.
This article was written by Adam Button at investinglive.com.