US equity indexes closed significantly lower, SPX -62pts (1.5%) at 3986. Nasdaq comp' -1.2%. Dow -1.7%. The Transports settled -1.2%. R2K -1.1%.
SPX - daily
VIX - daily
Summary
US equities opened broadly flat. The Fed issued a press release at 10am, with the market turning broadly lower. The Powell didn't help...
The notion the Fed will see inflation fall back to its 2% target is as ludicrous as 'transitory' was. Instead, I expect the target rate of 2% to be raised to 3%, if not 4%, within 6-18mths.
Equities saw a few bounce attempts, but the SPX was unable to hold psy'4K, printing 3980, and settling at 3986.
Volatility picked up a little, the VIX printing 19.74, and settling +5.3% to 19.59.
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| The first noticeable flowers of the year |
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| A somewhat hazy full moon |
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