LPL Financial's chief global strategist Quincy Krosby says that while the Federal Reserve's announcement on Wednesday came in line with expectations, Treasury Secretary Janet Yellen's separate remarks the same day was different than what the central bank was messaging.
"Janet Yellen was at another meeting saying something that contradicted what she had previously indicated regarding the protection of all depositors. At 3:00 p.m. ET, the downdraft in the market began as she did a complete 180, and said it would depend, again suggesting that not all banks would be deemed important and not all depositors would be made whole in the event of a run," Krosby added.
Wall Street has shifted its focus away from the Federal Reserve's interest rate hikes to the banking crisis, said Brad McMillan, chief investment officer at Commonwealth Financial Network.announced Wednesday because it was already expected.
Charles Schwab's chief investment strategist Liz Ann Sonders says that the economic volatility of recent weeks is exposing the effects of years of near-zero interest rates. Sonders said that weaknesses are not just contained to the banking sector, but across the broader business environment.
Bullish.. with small correction
haha great way to frame it losers
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