Growling Powell causes Goldman to cut its S&P 500 price target. Again.
During the height of the bull market – which, boy, seems so long ago – the call-option crazy punters inhabiting the Wallstreetbets channel had a favorite meme to explain why stocks would keep going higher.
“Money Printer Go Brrr” featured a Rambo-esque Jay Powell, chair of the Federal Reserve, determinedly firing out greenbacks to whoever could scoop them up.
Well, now “Jay Powell Go Grrr” would be more apt. The trader-friendly monetary vigilante has turned into a growling interest-rate-hiking bear. …