HEI: Powell press conference showed why Fed should stop talking
THE HEISENBERG writes: If you took anything away from the past 24 hours in markets, it ...
THE HEISENBERG writes:
US equities were bludgeoned again on Thursday, falling for a sixth consecutive session and closing on the lows, with the Dow down nearly 1,200 points.
We seem to have reached that threshold beyond which fear feeds on itself, snowballing and tipping dominoes along the way, as discretionary investors and systematic players frantically and mechanically de-risk into an already falling market, sapping liquidity and driving up volatility, in a self-feeding ‘doom loop’.
It didn’t help that Goldman’s David Kostin slashed his outlook for US corporate profit growth in 2020 and 2021, and neither was it particularly encouraging to hear CIOs calling the COVID-19 crisis “possibly the worst thing I’ve ever seen in my career”.
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