Yellen Defies Bailouts for Banks, Massive Capital Shifts from US & European Banks towards Gold Acquisition
March 22 EST, the second half of Powell's press conference coincided with Yellen's attendance at the Senate hearing. Their statements on the Federal Deposit Insurance Corporation (FDIC) insurance limit were interpreted by the market as conflicting signals, resulting in violent market fluctuations. The S&P 500 experienced a series of reactions, including a decline, rebound, oscillation, and then another sharp drop, achieving the largest drop in two weeks. As scheduled, the Federal Reserve continued to raise interest rates by 25 basis points. The resolution statement deleted the previous eight statements that said it may be appropriate to continue to raise interest rates and changed it to say that some additional policy tightening may be necessary. Analysts believe that this statement suggests that the Fed's interest rate hike cycle is approaching its end. March 20th, Switzerland, a neutral country, used an "unprecedented" strategy to force the largest...