Joel Elconin – Market Commentary On Turbulent Tuesday In Preparation Of Watchful Wednesday
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep Show, joins us to share his thoughts on how the general equity markets have reacted to the higher inflation readings in both the CPI and PPI data. Today we dubbed “Turbulent Tuesday” with many of the growth stocks and higher flying reflation trade stocks continuing to get hit, after a whipsaw week where other sectors like the meme stocks, cryptos, and tech stocks hit some rough patches.
We also look ahead to the “Watchful Wednesday” Fed FOMC meeting tomorrow, and how markets often overreact when every word is parsed after the Jerome Powell Q&A session. Joel concedes the Fed is stuck between a rock and a hard place as far as their dual mandate of trying to ensure maximum labor participation while also gearing up to hike rates to fight inflation, all while trying to orchestrate an incremental soft landing.