The Fed as expected reduced rates by 25bp with no clear direction on rate outlook going forwards and the US markets did little overnight. But what was interesting was 2 comments, one by Fed chief Powell that US will not go down the negative rates road like Europe [ he may not have a choice ] and second, a weird comment by trade advisor and China hawk Peter Navarro (below) about Dow 30k being achievable on a 1% rate cut. It is weird because no White House officials previously make comments on the stock market levels (are the White House people playing stocks? )- it shows you that Alan Greenspan could be right - Alan said that a recession is possible or probable if the stock market collapses (as have been in the past) so everything hinges on keeping Dow stable and up.
