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Most investors blame the discovery of a new, possibly more-virulent mutation of the coronavirus for the decline in stocks this week. No doubt there is some truth to that, but equally as important was the change in monetary policy enunciated by Jerome Powell, the chairperson of the Federal Reserve Bank, this week.
Whether political or not, Powell’s decision to tighten monetary policy in the months ahead, while the coronavirus continues to be a serious issue, heightens the risk to investors in the future.
I have been expecting a shallow pullback in the markets for the past two weeks. Instead, stocks have just climbed higher and higher. They are extended, but history says they can get even more so. As such, I am not holding my breath, or waiting around for it. Whatever pullback does occur should be bought.
The good news first.
There were plenty of reasons why the stock market was a bit jumpy this week. Let’s go through them.
Airplanes are full, parkways are bumper to bumper and restaurants are packed. The summer is in full swing, and for many, the coronavirus is a …
This week’s Federal Open Market Committee meeting was a game changer. Fears that inflation may be rising faster than expected forced the Fed t…
If you have been grocery shopping lately, there is no question that prices and inflation are going higher. The same can be said for the price …
WASHINGTON — At first, it was expected to be brief. At least, that was the hope.