I really hate takes about how the market is selling off because Powell was downbeat. The Fed just looks at the same data as everyone else and has no crystal ball. If anything, investors should want a cautious Fed chair.
No need to overthink the selloff. We just had the fastest rally in history. And we went from a feeling of complete despondency to an environment where traders were mocking Buffett and piling into bankrupt stocks in a matter of weeks.
As for specific catalysts. That's always dicey. But yesterday we got a number of things, including the Starbucks warning and the Wells Fargo credit provisions comment.
And it didn't get much attention yesterday, but US oil inventories surged to a record level.
And it didn't get much attention yesterday, but US oil inventories surged to a record level.
