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Stocks, Bonds, & Cryptos Crushed As Powell Threatens Accelerated Taper

Tyler Durden's Photo
by Tyler Durden
Tuesday, Nov 30, 2021 - 10:59 AM

Fed Chair Powell has been more hawkish than many expected during this morning's hearings, specifically noting the non-transitory nature of inflation and the need to use his tools to address it.

“At this point the economy is very strong and inflationary pressures are high and it is therefore appropriate in my view to consider wrapping up the taper of our asset purchases, which we actually announced at the November meeting, perhaps a few months sooner. I expect we will discuss that at our upcoming meeting.”

This is a significant change from earlier this month, when the FOMC was pointing to wrapping up the taper in June 2022, and was not what the market wanted to hear...

Stocks immediately reversed their post-open ramp...

That leaves Small Caps down 6% since the onset of Omicron anxiety...

Yields jumped across the curve with the short-end spiking most (30Y has almost erased the initial spike)...

Rate-hike odds spiked dramatically...

And the yield curve puked as 'policy error' fears soar...

Cryptos also plunged...

And the Dollar spiked...

The Powell-Put just went kaput...

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