Good afternoon. Incredible comment from the Fed that reinforces our view the 04/09 Fed decision was a “game changer.” At the post Federal Open Market Committee (FOMC) meeting press conference, Fed Chair Powell said “there likely will be a need to do more” and “Credit Policies are not subject to Dollar limit.” He literally just told us they are going to print money until it works. Clearly, the ramp off the low reflects some of this, but these are incredible statements. Powell also acknowledged their job isn’t just to inject liquidity, but is to instill confidence in the financial system.
These are wild times indeed. I continue to think the best move (wrong so far), is to sit tight and not bet on downside or chase upside. We want to become more offensive when we have data to support it outside of “the Fed is printing money.”
Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.
Sign up for more access!
Access additional content across the site when you sign up for an account.