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Weekly Commentary: Inklings of Secular Change

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The S&P500 was about unchanged Wednesday at 2:36 ET, six minutes into Chair Powell’s press conference opening statement. “We will need to be nimble in responding to incoming data and the evolving outlook.” A market surge over the final 84 minutes of trading saw the S&P500 end the session 2.2% higher. The Goldman Sachs Most Short index spiked 5.6% (finishing the week up a blistering 10.5%).

March 18 – Bloomberg (Jeran Wittenstein): “No earnings? No problem. That was the message from investors this week who stormed back into the shares of faster-growing companies with little in the way of profits after months of chasing value stocks. While major benchmarks rallied, a Goldman Sachs index of unprofitable tech companies was up 18% over the five sessions.”

Wednesday marked the first Fed rate increase since November 2018. Recall that Powell had assumed the Chairmanship earlier that year (February 5th). Under…

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