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AFMC - The VIX Sent The Stock Market Higher Not A 'Dovish' Fed
First Trust Active Factor Mid Cap ETF
2024-05-05 07:00:00 ET
Summary
Powell's recent press conference did not indicate a dovish stance on rate cuts in 2024.
The stock market rally during Powell's press conference was due to the 2:35 PM ET VIX melt that occurs at nearly every meeting.
The immediate price action following the Fed meeting does not accurately reflect the market's longer-term direction.
People see and hear what they want. While Powell spoke softly at Wednesday's press conference, the message was that rate cuts will take longer to come by in 2024, and longer will mean fewer rate cuts....