Let’s be very clear what Wednesday’s full-frontal capitulation by the Fed means: It’s coming. The next recession that is.

It means all their 2018 statements of optimism and predictions of raising rates in 2019 and previous insistence on a balance sheet roll-off being on “autopilot” were all wrong. 

Reality and markets rolled over them. They didn’t see the slowdown coming, and only after markets dropped 20% in December did they change their policy stance and have now cemented a dovish stance for years to come.

https://www.marketwatch.com/story/the-feds-total-capitulation-is-a-bad-omen-for-the-stock-market-2019-03-21


It was just two months ago that Jerome Powell set off a market panic by suggesting the FOMC would do what it thinks is right and let asset prices go where they may. 

https://englundmacro.blogspot.com/2019/03/the-fed-is-playing-dangerous-game.html