The Fed says 'no' to cuts, and the Dow just took a swan dive
Things got a little spicy at the Federal Reserve today, and the stock market absolutely did not like the vibe.
The Federal Reserve met up and decided that, for the seventh month in a row, they’re just going to sit on their hands. No rate cuts. Kevin Warsh, the new guy at the helm, made it crystal clear that the 2% inflation target isn't just a suggestion—it's the law of the land.
The market had a total meltdown, with the Dow shedding 1,100 points. Apparently, traders were really hoping for a change of heart, but Warsh seems determined to play the long game. Meanwhile, Donald Trump is out here on Air Force One essentially yelling at the clouds, demanding the Fed drop rates to the floor because, well, that's what he does. It’s a classic standoff between a central bank that refuses to blink and a president who doesn't take 'no' for an answer.
Inflation is stuck at 4.2%, and fuel prices are making everyone cry at the pump. It’s hard to see how this ends without someone eventually hitting the panic button.
Source: CNBC
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