Three Stumbles And A Fall.
With all the hoopla yesterday, it's easy to forget what really happened. There were, after all, new highs for all the major indexes and averages. If I recall correctly that puts us at well over 50 new highs this year.
There was also the masterful orchestration of a new policy direction for the Federal Reserve. As I commented yesterday, it was a well-made sale. As Jerome Powell and the rest of the members of the Fed had for weeks now prepared us for yesterday's decision.
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