For those searching their memories for the last time equity markets reacted so poorly on a Fed day, don't worry about coming up empty. It's been nearly a generation since something like yesterday's selloff occurred on the day of an FOMC meeting (h/t Liz Ann Sonders).
In February 1994, Alan Greenspan and company surprised complacent markets with a rate hike, sending both stocks and bonds tumbling. The Maestro learned his lesson well (whether it was the correct lesson is highly debatable), and spent the rest of his career being careful never to upset the stock market (a trait he passed on to successors Ben Bernanke and Janet Yellen).
Will Jay Powell take away the same lesson?
Now read: Game of chicken between Fed and stocks »
Subscribe for full text news in your inbox