MACRO
Bruising Stock Reversal Shows How Fed's Pivot May Come Too Late
The S&P 500 edged lower Wednesday, extending losses in every session since Nov. 30, when signals from Fed Chair Jerome Powell about a slowing in the pace of interest-rate hikes sparked a 3% rally.
Jason Trennert, chief investment strategist at Strategas Securities LLP, suggested investors betting on a dovish Fed should reconsider their positions...