Santa Claus showed up yesterday, but he didn’t leave investors with everything on their wish lists. In fact, there was more coal than goodies left under the tree. The initial reaction to the Fed’s announcement at 2 pm that it would leave short-term interest rates lower for longer was met with exuberance, but then Chairman Powell acknowledged than the economic recovery was conditioned on additional fiscal stimulus. The Fed’s unending monetary largesse would not do the trick on its own. That led to a selloff in stocks that has continued into today's open.
As indicated