Stocks Bounce After Powell Vows Fed "Will Remain Alert To Financial Stability Risks"

Stocks enjoyed a brief pop, which was immediately retraced, when moments ago the Fed released new chair Jay Powell's prepared remarks from his Ceremonial Swearing in - his first public statement since replacing Yellen and since last Monday's volnado - and which perked up the market when Powell said that "We will remain alert to any developing risks to financial stability."

This prompted a 100 point pop in The Dow, which however quickly faded.

The rest of Powell's comments:

  • the Fed will "preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible," adding that "while the challenges we face are always evolving, the Fed’s approach will remain the same."
  • “The global economy is recovering strongly for the first time in a decade. We are in the process of gradually normalizing both interest rate policy and our balance sheet with a view to extending the recovery and sustaining the pursuit of our objectives."
  • "Monetary policy has continued to support a full recovery in labor markets and a return to our inflation target; we have made great progress in moving much closer to those statutory objectives."
  • “We will continue to pursue ways to improve transparency both in monetary policy and in regulation”
  • “We approach every issue through a rigorous evaluation of the facts, theory, empirical analysis and relevant research. We consider a range of external and internal views”
  • “We explain our actions to the public. We listen to feedback and give serious consideration to the possibility that we might be getting something wrong”
  • “Congress has wisely entrusted us with an important degree of independence so that we can pursue our monetary  policy goals without concern for short-term political pressures”

And:

  • "As Chairman, I will do my very best to further our pursuit of something we all seek--an economy that works for all Americans."

Like buying the fucking dip.

His full remarks are here.

Comments

shocktherapy shizzledizzle Tue, 02/13/2018 - 10:23 Permalink

Director of National Intelligence Dan Coats warned Tuesday that the national debt has become a danger to national security, joining other problems such as cyber attacks, space combat and continuing terrorist threats.

“This situation is unsustainable … and represents a dire threat to our economic and national security,” Mr. Coats said at an open hearing before the Senate intelligence committee reviewing the state of global security problems.

In reply to by shizzledizzle

whatswhat1@yahoo.com FreeShitter Tue, 02/13/2018 - 10:21 Permalink

Speaking of pet (or human) food.  I recently purchased 100 cans of 9Lives cat food for my four feral felines.  The 9Lives was on sale at Pet Smart or one of those big box pet stores.  The 9Lives was on closeout for $0.24 per can.  Normally, I found it to be much more cost effective to feed the cats human food.  Quite a few of the pricier cans of cat food calculated to be in the range of $20/pound. The cats were enjoying catfish, chicken breast, egg whites, organic milk, pork chops, cheese, butter, and store bought kibble.  Initially, the cats were repelled by the kibble.  They would approach it slowly and back out quickly, once they got a good whiff of it.  Then, they would do one of those foot shakes like most cats do when they don't like something.  So, because I don't want this to be one of those long "shaggy dog" tales, the cats completely rejected the 9Lives cat food.  Not to worry though.  The raccoons, skunks, possums, and even the squirrels not only eat it, they consume the paper plat that I use to feed them.  I like that.  It's very sustainable.  No waste.

In reply to by FreeShitter

John Law Lives Tue, 02/13/2018 - 10:20 Permalink

Maybe it is time to deploy the Meteor Market Manipulation Method (i.e. 4M*).

 

1. Announce that a metor is hurtling toward Earth.  Destruction is imminent.

 

2. Tell fellow cronies to BTFD.

 

3. Announce that the metor has miraculously changed course.  Earth is saved.

 

4. Tell fellow cronies to sell the rip and profit.

 

5. Goto Step 1.  Repeat as necessary until cronies own everything.

 

4M*_FUBAR

truthseeker69 Tue, 02/13/2018 - 10:23 Permalink

Can someone explain to me, from a strategic sense, why the Chinese continue to buy our Shi(T)-bills?  Wouldn't it make sense to have the Americans drown in their own manure? 

 

 

Give Me Some Truth truthseeker69 Tue, 02/13/2018 - 10:37 Permalink

One day (I might not be alive to see it), we are going to wake up and learn that China and/or its citizens own the largest stack of gold in the world (and America owns a fraction of what it has claimed).

Perhaps a Quid Pro Quo arrangement is in effect? China will continue to buy at least some of America's debt (and won't dump all that it owns) as long as America does what it's been doing to let China acquire all the gold it can at discounted prices.

In reply to by truthseeker69

CoinBug21 Tue, 02/13/2018 - 10:36 Permalink

The Trump Infratructure plan should be a huge short term boost to GDP, and it will probably decrease US fuel consumption by 5-10%.  These high speed shuttles will be a huge asset for major cities.  That is why Oil is selling off.  Should stabilize around $45.

venturen Tue, 02/13/2018 - 11:20 Permalink

WTF....the central bank wasn't created to push the STOCK MARKET... It was there to ensure BANKING...NOT GAMBLING!

 

Time to disband this corrupt institution!