Today King World News wanted to share the thoughts of 50-year veteran Art Cashin in the aftermath of the Fed’s historic decision and subsequent market chaos. Cashin, who is Director of Floor Operations at UBS ($650 billion under management), had some fascinating insights — I guess that comes with half a century of experience.
Art Cashin: “Holy Moley! Maybe It Was “Data Driven” – The Fed shifted policy to shock and awe yesterday by doing nothing. The FOMC surprised markets in every asset class by not implementing the nearly universally expected “taper lite”. The reaction was sudden and violent. Stocks shot up 200 points. Gold rocketed over $50 (the equivalent of a 450 point move in the Dow).
Virtually every asset had a dramatic instant reaction. Bonds soared as did things like utilities, REITs, MLPs, and housing stocks. The dollar plunged. Some media folks masterfully understated the case, saying the Fed move surprised some folks who had misread the Fed’s intentions. “A few people”? There was a global reaction – hardly a few people. And, the change was in billions of dollars, probably hundreds of billions.
Read the rest of the story at KING WORLD NEWS.
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Man Who Predicted No Fed Tapering Now Says To Expect Chaos
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This Is Why The Price Of Gold Is Now Set To Super-Surge
This Chaos Is All Part Of The Move To A New Financial System
KWN: “Major Shortage Of Physical Gold” Has Fed Greatly Concerned
Pento: There Will Be Hell To Pay When This Tragic Collapse Begins