Monday's 1.5% haircut for the S & P 500 was largely attributed to the unrest in China, but several traders brought up Fed Chair Jay Powell's Wednesday's speech at the Brookings Institution. The subject is "The Economic Outlook and the Labor Market." The fear is that Powell will use the speech to smack down the modest market rally , which is largely based on the belief that the pace of rate hikes will begin to slow in December.
"They are all setting the stage for a hawkish performance from Chairman Powell on Wednesday, despite the step down in the pace of rate hikes," Mike O'Rourke from Jones Trading said in a note to clients last night. Powell is also likely unhappy about the decline in bond yields: the 10-year Treasury yield has to 3.66% today from from roughly 4.2% three weeks ago. "That also has, from their [the Fed's] standpoint, the perverse effect of easing financial conditions, i.e.
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