Just as we thought, the Fed disappointed the market with its wording concerning future rate cuts. Chairman Jerome Powell, signaled that policy makers weren’t convinced of the need to embark on a full-fledged round of easing at a time when the market expected at least three rate cuts.   The result: the stock market ($SPX) tanked, the U.S. dollar index rallied ($USD), gold ($GOLD) dropped and the yield curve flattened.  

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