Stocks, Bonds, & Bitcoin Puke As Powell Speaks

Courtesy of ZeroHedge View original post here.

Fed Chair Powell reiterated a number of his previous comments, offering little for the marginal bull or bear:

Powell says nothing new and algos still dump. That's the new regime

— zerohedge (@zerohedge) May 17, 2022

But here are some of the highlights (Source: Bloomberg)

  • POWELL: WON'T HESITATE TO RAISE RATES ABOVE NEUTRAL IF NEEDED

  • POWELL: WAR IN UKRAINE LOOKS LONGER-LASTING THAN FIRST EXPECTED

  • POWELL: IT'S GOING TO BE CHALLENGING TASK TO TAME INFLATION

  • POWELL: THERE COULD BE SOME PAIN INVOLVED

But, it appears traders (or algos) were spooked by some of his comments… which is odd since he said absolutely nothing new…

Bond yields spiked (most notably at the short-end)…

And Bitcoin dived back below $30k

Given the reaction – was the hope-filled market oncxe again pricing in anticipation that Powell will fold sooner rather than later.

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