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The Fed, The Fears, And The Facts
After a powerful summer rally in July and early August that brought the S&P 500 briefly into cyclical ‘bull market’ territory, stocks have hit hard times again. We believe the recent meltdown has been driven by the reaction to Federal Reserve (Fed) Chairman Jay Powell’s Jackson Hole speech on August 26. The speech itself was blunt and to the point, with no Q&A. Powell reiterated the need for continued rate hikes until the Fed is confident that inflation is under control… even if it has negative repercussions for the economy. Powell directly referenced the inflationary 1970s, stating that: “the ... (full story)