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Fed Fumble Slams Stocks, Bond Yields, & Big Shorts

A double whammy of potential pain from The Fed’s Powell (admitting they’re talking about tapering) and Evans (disappointed there’s not more inflation) provided just enough uncertainty to spook all asset classes today. The Philly Fed survey, initial jobless claims, and Industrial Production also disappointed today.

Nasdaq underperformed for a change today early on, but as yields plunged in the afternoon, Small Caps were monkeyhammered. But everything bounce back after 2pmET. The Dow managed to scramble back into the green in the last hour of the day. This was still Nasdaq’s worst day since early June…

As it appears maybe the growth/value rotation has reached a short-term limit for now…

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