Anyone playing the “patient” drinking game while watching Powell’s press conference has quite a hangover this morning. To no one’s surprise, the FOMC statement and Powell’s comments were dovish. 
The algos were quite pleased, rewarding the Fed’s awareness that inflation is no longer a problem. In the wake of the oil and gas crash, the new problem is deflation. How the Fed handles it this go ’round will determine what to expect from stocks.
If you’ll permit a small pun, the bond market is well ahead of the curve.
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