...little wonder because Powell took the market with complete surprise in probably the biggest blindsiding FOMC in recent times...you have to go back to Dec 2018, which was the ugly Xmas.
...go down memory lane, 6 years ago when the Fed under Powell unexpectedly lifted rates when the economy was softening. Powell, who is a lawyer, was then rather wet in the ears in his first term as the Fed boss.
New YorkCNN Business —
2018 was a record-setting year for stocks, but it’s one investors would rather forget.
The Dow fell 5.6%. The S&P 500 was down 6.2% and the Nasdaq fell 4%. It was the worst year for stocks since 2008 and only the second year the Dow and S&P 500 fell in the past decade. (The S&P 500 and Dow were down slightly in 2015, but the Nasdaq was higher that year.)
December was a particularly dreadful month: The S&P 500 was down 9% and the Dow was down 8.7% — the worst December since 1931. In one seven-day stretch, the Dow fell by 350 points or more six times. This year’s Christmas Eve was the worst ever for the index.
US futures are in the green right now, but I hope we do not repeat the Xmas of 2018. The timing of the hit was truly bad and remains etched in my memory to this day.
