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🦧 powell can be wrong sometimes

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🦧 powell can be wrong sometimes

Ape of Omaha
Jul 28, 2022
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🦧 powell can be wrong sometimes

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💡 what happened yesterday with the fed (and powell)?

  • the fed announced a .75% interest rate hike

    • us equities, especially tech shares soared after the news at 2pm during the day, as a lot of uncertainty was resolved because 0.75% was the overall consensus

    • that puts the benchmark lending rate at 2.25% - 2.5%

    • fed chair jerome powell said more increases could be "appropriate" in the future, maybe even another hike just as big as this time, but that's a little later into the future, so that's for a later time

  • powell also said:

    • "I don't think the economy is in recession right now," rejecting speculation that the us economy is in recession

 

⏰ well, 18 hours later…

  • q2 us gdp was released, and no, powell, we are in recession

    • real gdp decreased at an annual rate of .9% in q2, which makes it two consecutive quarters of declining gdp

    • now, that’s a popular definition of a recession…

    • the consensus estimate was an increase of .4%!

 

💡 something im thinking about

fascinating!! is palm face that popular?!! (click the image for original source!)
 
  
all of this is just one ape’s thoughts, but I would love to hear what you want to know about! happy trading!

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as always, i am no financial advisor! (i am no substitute for professional financial services)
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🦧 powell can be wrong sometimes

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