"Buy All The Things" - Yellen's Dovish Flip Sparks Bid In Stocks & Bitcoin
Did The Fed just step in to replace the Trump premium as Junior's email dashes hopes of tax breaks further? Timing is certainly interesting...
Equities and Treasuries rose and the dollar sank after markets interpreted Chair Yellen’s testimony before Congress as dovish even as it echoed the most recent FOMC statement.
The rally was aided as the Fed chair made no mention of asset prices just a week after her comment that some looked “somewhat rich.”Yesterday's Trump-Junior-Dump was indeed a 'storm in a teacup' as a flip-flopping Yellen showed the way this morning by hinting once again at just how clueless The Fed is and that rates may not raise much from here...
Bitcoin bounced back notably - best day in 3 weeks, rallying before and after its cameo during Yellen's hearing...
And investors are buying bonds too...and gold...
Source : ZeroHedge
Disclaimer : This is not the real Tyler Durden. I read ZeroHedge every day and share the best articles about cryptocurrencies, politics and economy on Steem. You can head over to ZeroHedge's website for more content.
The bottom line is the debt here. They can't raise rates. The shit show just keeps rolling on.
I think you can hang any reason you choose onto the recent bitcoin drop and small recovery. It was due a correction and that's what we have had. Cryptos are a relatively immature market and experience a lot of volatility and that's going to continue, before, during and after any scaling debate or solution.
I couldn't agree more. Gotta love & hate relationship with the volatility :) but in the end it all balances out nicely!
I was under the impression that Yellen was hawkish, but guess she's taking a page out of Bernanke's book.
Gold and other precious metals have made pretty large moves following FOMC minutes, so not really surprised there but I am going to be watching how /GC trades in the upcoming days.
As far as Bitcoin is concerned, it is still relatively new, so it's natural that people are slow to adopt and price volatility being high is to be expected. This past crypto rally, however, has probably been the strongest yet in my opinion.
Going to be closely watching BTC and other cryptos after BIP 148 goes into effect on August 1st.
Now the correction period is over and people again are optimistic about cryptos.
ill just be glad when people feel better about crypto so there isnt so much volotility
Could the jump in BTC also be aided from speculators thinking that the August changes might be a good time to have some squirreled away?
It'll be interesting to see what August 21st brings...
Markets loved Yellen dovish statement. There is no way , that FED could reduce the balance sheet.
"Storm in a teacup" seems to be still brewing.
Why is she still relevant? Soon Krypto will Kryptonite the FEDS