“We Are Headed For Another Train Wreck”: Bill Ackman Blames Janet Yellen For Restarting The Bank Run

• “We Are Headed For Another Train Wreck”: Bill Ackman Blames Janet Yellen For Restarting The Bank Run
  by Tyler Durden, https://www.zerohedge.com/
  Yesterday morning we joked that every time Janet Yellen opens her mouth, stocks dump.
  –
  Well, it wasn’t a joke, and as we repeatedly noted today, while Jerome Powell was busting his ass to prevent a violent market reaction – in either direction – to his “most important Fed decision and presser of 2023”, the Treasury Secretary, with all the grace of a senile 76-year-old elephant in a China market, uttered the phrase… … and the rest was silence… or rather selling.
  –
  Commenting on our chart, Bloomberg’s Mark Cudmore noted it was Yellen who was “to blame for the stock slump”, pointing out that “the pessimistic turn in US stocks began within a minute of Janet Yellen starting to speak.”
  –
  The S&P 500 rose almost 1% in the first 47 minutes after the Fed decision. Powell wasn’t the problem either: the index was 0.6% higher in the first 17 minutes after his press conference started.
  –
  Why am I picking that exact timing of 2:47pm NY time? Because that is the minute Yellen started speaking at the Senate panel hearing. The high for the S&P 500 was 2:48pm NY time and it fell more than 2.5% over the subsequent 72 minutes. Good effort.
  –
  read more.

end