Powell Channels Mr T As Dow Drops 1,000 Points, Home Builder Index Plummets (UMich Buying Conditions For Houses Remains Near 1982 Levels)

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‘‘We will keep at it until we are confident the job (i.e. killing inflation) is done.’’

Jerome Powell, Jackson Hole speech

Interviewer : What’s your prediction for the market?

Clubber Lang (Mr T) : My prediction?

Interviewer : Yes, your prediction.

[Clubber looks into camera] 

Clubber Lang : Pain!

Of course, Friday was one of those “Black Fridays” for investors. And pension funds.

The Dow Jone Industrial Average fell -1008.38 points after Powell’s “Mr T” remarks on pain. That was a whopping -3%. The NASDAQ composite index fell almost -4%.

Equity markets struggled in Europe as well, particularly the German DAX index.

The UMich Buying conditions for houses rose slightly, but remains near the lowest level since 1982.

Clubber Powell, Federal Reserve Chairman.

The Case-Shiller house price numbers are due out Tuesday for June and it is expected that they will show a significant slowing in home prices. Biden and Clubber Powell could then take “credit” for slowing “inflation.”

Published by confoundedinterest17

Published