The markets moved sharply lower in the late morning sparked by Stanley Fischer, who came out after Janet Yellen’s relatively meek message, and delivered a strongly hawkish message pointing to a rate hike in September.
That was theater of the absurd of course, since a one and done 25 basis point rate hike does not mean a whole heck of a lot.
Although it does send an odd signal about the Dollar with the rest of the world in lowering even into negative rates. I am sure this concerns Yellen, if not some of the other bank-centric governors.
But it did give Wall St a great cue to do a ‘wash and rinse’ on an otherwise sleepy day, and take the equity markets up, and then down, and then back around again.