The markets did not like what they heard from Fed Chairman Jerome Powell Wednesday, the Fed's 25 point cut and more importantly trimming of future cuts to two.
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00:00The markets did not like what they heard from Fed Chair Jerome Powell Wednesday.
00:04The Fed's 25-point cut and more importantly,
00:07the trimming of future cuts to just two next year sent stocks plummeting.
00:13The Dow fell for the 10th straight day for the first time in 50 years,
00:18shedding 1,100 points.
00:21The S&P fell nearly 3%, the Nasdaq 3.6%,
00:25and the small cap rustled 2,000, down 4.4%,
00:29even Bitcoin fell back below 100,000 for a complete rout.
00:34Though we're seeing a rebound today,
00:37it's nowhere close to recovering Wednesday's losses.
00:39Ultimately, Jerome Powell says he needs to see more progress on inflation,
00:43saying, quote,