| SCOTT WELSH: "HOLY MOLY!"Well, that escalated in a hurry!
In what seemed like a benign report from Fed Chairman Powell, the market found the bullishness they’ve been desperately seeking for a year.
Yes, the Fed raised rates as expected.
And, no, Powell didn’t say anything especially hopeful.
But his mood was…kind of confident. It was kind of like, “We’ve got this inflation thing under control.”
And the market lost its gosh-darned mind.
Remember those retail stocks we were thinking about?
Here’s Macy (M): | | | | |
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