The S&P 500 is now down 340 points, or 7.5%, since the Fed removed a recession from their forecast. On July 26th, the Fed raised rates and said they were not longer expecting a recession. The Fed marked the EXACT high in the S&P 500 which just hit its lowest levels since June. Since then, rate cut expectations were pushed out by a year and corporate bankruptcies hit their highest levels since the pandemic. Is the market losing faith in the Fed again? Source: The Kobeissi Letter
JUST IN: Fear & Greed Index falls to 25, extreme fear, for the first time since March 2023.
Just 2 months ago, the index was showing extreme greed.
Since the Fed's last rate hike in July, the index has moved in a straight line lower.
Fear has returned to the market. pic.twitter.com/y8fFDztTry
— The Kobeissi Letter (@KobeissiLetter) September 27, 2023
h/t theSilverVigilante