So much for Federal Reserve Chairman Jerome Powell being viewed as a bestie to investors.
“Powell hit the markets,” is an email subject line this writer got intra-day from veteran markets strategist Dennis DeBusschere of EvercoreISI. The email came smack in the middle of Powell testifying in front of the Senate Banking Committee —and the Dow Jones Industrial Average being off more than 300 points from session highs early Tuesday.
Powell initially did his part Tuesday to support a market some 40% higher from the March 23 lows (due to the Fed’s various stimulus measures), acknowledging once again that low interest rates and bond buying would be the norm for the forceable future. It would appear for the second week in a row though that Powell’s tough guy public tone — or poor bedside manner as Trump adviser Peter Navarro thinks — is leaving a bad taste in the minds