Powell has stopped handing gifts to Wall Street on Fed day
newscatcher
2023-07-29 23:36
Powell has stopped handing gifts to Wall Street on Fed day
In what was a brutal 2022 for investors, there was at least one sure-fire, money-making proposition for much of the year. All they had to do was buy stocks and bonds seconds before Federal Reserve chair Jerome Powell began speaking at his post-FOMC press conference and dump them as he was wrapping up. That March, when the Fed began hiking interest rates, the stock market's gains during this 60-minute window were spectacular: 1.6%. And then they just kept coming: 2% at the May meeting, 2% in June and 1.

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