Stocks spooked, bonds rally on downbeat Fed

Asia saw a 10-day winning streak come to an abrupt finish [.T] and Europe’s main bourses all opened with a heavy thud.

In a reality check to the stock market’s recent euphoria, the Fed predicted the U.S. economy would shrink 6.5% in 2020 and unemployment would still be at 9.3% at year’s end. “While Powell did not commit to any new action at this time, his focus on downside risk and uncertainty reinforces the message that they will take further action, probably by September,” JPMorgan economists said.

Powell confirmed the Fed was studying yield curve control, a form of easing already employed by Japan and Australia. The risk of more Fed easing initially had the U.S. dollar under pressure, seeing it touch a three-month low against a basket of currencies at 95.714.Market sentiment also took a hit as new coronavirus infections in the United States showed a slight increase after five weeks of declines, only part of which was attributed to more testing.

No they down because they were never up... The numbers look good to make BLM look bad... Now the buy back money is gone

Keep trying to use doublethink. The markets are smarter than media narratives.

Waiting for the first wave

US pandemic response has been a disaster with deaths and infections are rising, not falling due to Government incompetence and stupidity!! US business only had itself to blame for loving neoliberal ideology, tax cuts and small Gov policies and will suffer the concequences !

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