Hawkish FOMC Minutes Spook Markets and Maul High Duration Equities, All Eyes On Powell Confirmation Testimony

Jay Powell has been a very dovish Fed chief and has taken great pains to prepare for investors for the Fed’s every move. This week though, the discussions of the FOMC at their December meeting spooked markets and raised the prospect of a more Old Testament style Fed that gets mailed 2x 4x’s in protest from construction workers claiming they no longer need their lumber since no one is buying houses. Markets became worried this week that an inner-Volcker may be stirring deep within Jay Powell...

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