Fed's Powell Presides Over Record Decision-Day Losing Streak
(Bloomberg) -- Everything Federal Reserve Chair Jerome Powell touches turns to sold.
The S&P 500 Index has declined on all seven days the Fed has announced policy decisions during Powell’s tenure as head of the U.S. central bank, which began in February. According to Bespoke Investment Group, that’s the longest such losing streak on record.
The biggest such decline came Wednesday, following Powell’s comments that there was no need to alter the central bank’s balance sheet normalization.
The average loss for the index on Powell decision days is 0.5 percent.
Powell’s inauspicious record may be one reason U.S. President Donald Trump might be nursing a case of buyer’s remorse and urged the Fed to pause its tightening ahead of this most recent meeting.
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