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10.12.25 - 22:45
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Wall Street Reacts To Powell′s "More Dovish Than Expected" Rate Cut (ZeroHedge)
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Wall Street Reacts To Powell's "More Dovish Than Expected" Rate Cut
Consensus was expecting a hawkish rate cut, and while it got the cut, the hawkish elements - more dissenters, higher dots, a pushback by Powell during the presser - did not not materalize, and instead we have a low-grade revolt by the non-voters at the Fed (6 dots for unch today, only 2 dissents, more 3 dots expecting a rate hike in 2026), yet that will be promptly snuffed by whoever Trump picks to replace Powell next May.
In fact, one can say that today's meeting was much more dovish than expected when accounting for the $40BN in T-Bill purchases coming in two days (just as we said would happen) which was a very contrarian call. And not only was this announced by a NY Fed implementation, but Powell decided to put that right in the statement, something that has not happened since the liquidity crunch after covid in early 2020.
With that in mind, let's take a look at some kneejerk reactions from Wall Street trader...
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