Behold, The Powell Pivot Goes Circular!

Yup, stock markets were shocked and appalled by two dissenting votes, the lack of even a single vote for a 50-basis point cut, the total absence of indications of more cuts, and the sudden re-emergence of the suggestion, even as an aside, of a “couple of rate hikes.”  The Dow fell 333 points, the S&P 500 33 points, and the Nasdaq nearly 100 points – all down between 1.1% and 1.2%.