It appears that Jerome Powell has found a new strategy, joining the ranks of social media as a last resort. This week the Federal Reserve Board voted to increase interest rates another .75%, but it was his comments and the responses to a variety of trigger worthy questions that brought out the click bait. “Job gains have been robust”, ouch, “the unemployment rate has remained low”, ouch, “inflation remains elevated” run for cover! The speech from Chairman Powell is important, in my opinion more than his more aggressive, and popular, off the cuff statements.
For now, the markets are working off an overbought technical condition created by the rally in October. When that said condition reverses, additional buys, and sales will ensue. Cash will remain plentiful and without sounding too redundant, so will patience.