Hawkish Market Response to FOMC, But We See Overreaction
Sep 22, 2023
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“If everything you try works, you aren’t trying hard enough.” ~ Gordon Moore
Good evening:
As the week opened, Head of Technical Strategy Mark Newton pointed out that in the past, this week has been one of the worst of the year in a historical/seasonal sense. This trend continued this week, with stocks sliding slightly on Monday and Tuesday, then falling sharply after the FOMC meeting and subsequent press conference.
“We’ve seen a pretty sharp sell-off in both equities and the bond market,” our Head of Research Tom Lee acknowledged, “and that’s naturally l...