Quoth the Raven
· QTR’s Fringe Finance
· 29 июля 2026, 19:48
· ⏱ 5 мин чтения
| Читать в Substack ↗
Резюме
Kevin Warsh's first Fed press conference as chairman was short on substance and vision, failing to provide any forward guidance. The market's weakness persisted even after the Fed did not hike rates, indicating a deeper de-leveraging process is underway. The author argues this is the early stage of a broader correction, with no near-term catalyst to reverse momentum.
•Warsh's press conference delivered 'a lot of words, almost no vision, and plenty of carefully engineered ambiguity.'
•Markets spent the day worrying about a surprise rate hike but did not get one, yet still rolled over into the close near session lows.
•The AI trade and memory names remain under pressure, and overseas weakness is bleeding through, notably the sharp selloff in the KOSPI.
•The author characterizes the current environment as the early stages of a broader de-leveraging process after the excesses built into the highs a couple of weeks ago.
•Positive geopolitical headlines or another round of AI optimism could spark a bounce, but the author sees no evidence of buyers eager to step in.
•The Fed was reactive instead of forward-looking, leaving investors with only boilerplate reassurance and carefully rehearsed platitudes.