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Stocks turn lower as Powell says balance sheet will be “substantially smaller”

Off high levels on the comment

The Q&A was zipping along as per the January 4th comments until he Powell started talking about the Fed balance sheet. Although he did say where it ends is unknown, he did say that the balance sheet will be substantially smaller than it is now.  

Stocks did not like that. The major indices have turned back into the red on the day.

The snapshot now shows:

  • S&P -8 points
  • NASDAQ, -21 points
  • Dow, -63 points

The USDJPY has also moved lower on the back of the lower stocks (or so it seems.). Technically, the USDJPY sniffed the 100 hour MA above at 108.468. The high price for the day reached 108.44.

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Not a good day for European stocks today (or stocks in general)

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