The FED sent bearish signals on Wednesday when Chairman Jerome Powell (i) lowered its GDP and headline inflation projections, (ii) committed to holding interest rates steady for “some time” and (iii) pumped the breaks on its balance sheet unwind.

Taken together, these actions reflect serious caution about the status of the economy — particularly in the face of headwinds emanating from trade issues, Brexit, and slowing growth in China/Europe.

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