MIDE - The Stock Market: Now You Believe Mr. Powell

• Investors seem to believe that Jerome Powell, Chairman of the Federal Reserve, is intent on raising the Fed's policy rate of interest and shrinking the Fed's balance sheet.
• As long as investors continue to think this way, the stock market will decline.
• Mr. Powell and the Fed are facing some very difficult times, which suggests that the financial markets and the economy will also be facing some very difficult times.
• Hopefully, sometime soon, we will be able to stop talking about the Federal Reserve and what the Federal Reserve is going to do and get back to thinking about earnings and corporate performance.

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