It was all going according to plan. POMO lifted the S&P 500 instantly 7 points at 1015ET back to unchanged and the mainstream media could discuss the fact that stocks are "off the lows." Then (admittedly non-voting member) uber-dove Dennis Lockhart hit the wires with some oddly hawkish commentary:
- *LOCKHART SAYS TAPERING 'COULD VERY WELL TAKE PLACE' NEXT MONTH
- *LOCKHART SAYS QE NOT MEANT TO BE 'PERMANENT FIXTURE' OF POLICY
Which sent stocks to the lows of the day. We are sure, of course, that these remarks will be walked back by the next Fed speaker but for now, it is clear the market remains entirely headline (and Fed) driven.
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