“Dow just broke 25,000. Tremendous news!”
Thus the president delivered a blast for the stock market yesterday… for the first time since October.
Yesterday’s 435-point surge was substantially due to Jerome Powell’s pledge to be “patient.”
Further, that he is prepared to take his hands off the balance sheet:
The committee is revising its earlier guidance regarding the conditions under which it could adjust the details of its balance sheet normalization program.
Mr. Powell has clearly broken.
Wall Street has him — as it had Janet Yellen, as it had Ben Bernanke, as it had Alan Greenspan before him.
“Bond king” Jeff Gundlach even believes yesterday’s reference to a “full range of tools” clears the way for more quantitative easing:
Full story at DailyReckoning