In the final days of 2018 and the start of 2019, stocks and bond yields fell as markets started to see recession risk due to the Fed's over-tightening policy.
Later that summer, the central bank cut interest rates three times, a "mid-cycle adjustment," as Powell called it, aimed at extending what was already the longest expansion on record.
Chair Alan Greenspan said in the closed-door meeting, "[W]e're certainly not yet in a free fall. I say 'not yet' because a free fall doesn't look like a free fall until you really start falling."
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