Weekly Stock Market Recap – Jun 23rd 2019

As mentioned in last week’s recap this entire week was all about the word “patience” and having it disappear.  Fed head Powell did the market’s bidding – rejoicing happened.  All systems go for the Fed to put gasoline back into the market!  New records for the S&P 500 Thursday!

“The FOMC will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion,” the Fed said in a statement, dropping its recent buzzword about being “patient.”

“The case for somewhat more accommodative policy has strengthened,” Powell said at a news conference to discuss the rate-setting Federal Open Market Committee’s highly anticipated decision

“My initial thoughts are that the Fed did what the market thought they would do today, and offered to give them what they really want in the near future. That could be as early as July, and that could be as much as 50 basis points,” said Kevin Giddis, head of fixed-income capital markets at Raymond James.

And here comes Europe to the party!

ECB President Mario Draghi at an annual central bank conference in Sintra, Portugal Tuesday said policy makers would consider “in the coming weeks” how to adapt its policy tools “commensurate to the severity of the risk” to the economic outlook, a signal that the central bank may be willing to lower rates.

All this coming easy money about to flood the globe has gold in a tizzy!