Gold Futures Near Record High, Stocks Surge As Powell Promises To "Do Whatever It Takes"

Update (1500ET): As Powell's press conference began and he promised to "do whatever it can for as long as it takes," stocks and gold took off and dollar dumped...

Small Caps are soaring (along with the rest of the stock market majors)...

Gold futures are back near record highs at $2000...

And the dollar losses accelerate...

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As Pantheon's Ian Shepherdson notes:

The Fed made no policy changes, as expected, and the key language of the statement is unchanged... In short, this is a holding operation, pending developments with both the virus itself and fiscal policy.”

Which is perhaps worrisome as we noted ahead of the FOMC statement that BofA ominously warns, "perception that the Fed is out of ammo could cause a reassessment of the Fed "put" and support USD via lower risk assets."

For now stocks are unmoved but the action remains in currency markets as the dollar accelerates lower on Fed promises to "use all tools" and extends its global bailout swap lines.

This has helped sparked further gains in gold...

Will Powell spoil the party further?