Fed Shocks the Market

Here's what happened the last time.

PRE-OPEN MARKET COMMENTS MONDAY – Last Friday the market was bracing for the Jackson Hole speech from the Fed Chairman. This was like waiting for an FOMC statement and it did not disappoint. The rhetoric was hawkish and it was consistent with previous statements. They plan to continue hiking as long as inflation remains “hot”, even if that results in a decline in economic activity. He also cited the mistakes made by the Fed in the 1970’s when they did not keep their foot on the brake and inflation returned. The S&P 500 is down 30 points this morning and that represents a 4% drop since the open Friday.

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