US Market on 23 Mar 2023. Get Out Of Bank Stocks ?
US market on Wed (22 Mar) traded directionlessly until 2:00pm when the FOMC meeting was over with the press conference by Mr Powell, hot on the heels. When the 0.25% interest hike was confirmed, market “reacted positively” initially. It was afterall the much anticipated 0.25% and not the much feared 0.5%. The “euphoria” proved to be short-lived as the press conference pressed on with Mr Powell further confirming that there would be no let down from the central bank in their fight to bring inflation down. Personally I think, it is commendable that the Fed Reserves provides a clear direction of where they are heading without being ambiguous. Doing so minimizes “speculations” of any sorts to be postulated by Wall Street to smoke-screen and “fool” the general public. Agree ? By The Time Marke