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NEW YORK (Reuters) – U.S. stock markets tumbled on Wednesday, reversing a morning rally after the U.S. Federal Reserve delivered an expected interest rate hike but signaled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth. Losses accelerated on comments by Fed chairman Jerome Powell at a press conference that he does not see the Fed changing its policy of keeping its balance sheet run down on autopilot. STOCKS: Wall Street seesawed after the announcement from the Federal Open Market Committee, taking the latest nosedive after Chairman Jerome Powell started speaking at the post meeting press conference. The S&P 500 .SPX was last down 1.51 percent after being up more than 1 percent right before the FOMC meeting ended. The Dow .DJI was off 1.4 percent. BONDS: The 10-year U.S. Treasury note US10YT=RR yield fell to 2.7673 percent and the 2-year yield US2YT=RR fell to 2.6417 percent letter x cufflinks uk online. FOREX: The dollar index .DXY was last off 0.1 percent..

JORGE MARISCAL, EMERGING MARKETS CHIEF INVESTMENT OFFICER, UBS GLOBAL WEALTH MANAGEMENT. “There’s worries the Fed will continue to hike into a slowing economy with no inflation to worry about.” letter x cufflinks uk online. “After the (statement) reaffirmation of two hikes next year, Powell continued to talk up the strength of the U.S. economy and that worried investors. People are worried about growth and to hear the Fed isn’t (worried) concerns the market.”. “In turn, that supports the U.S. dollar and that is negative news for emerging markets in general..

ERIC KUBY, CHIEF INVESTMENT OFFICER, NORTH STAR INVESTMENT MANAGEMENT CORP, CHICAGO letter x cufflinks uk online. “The market is really responding to the concept that the Fed still has the path they want to follow and that path still involves multiple interest rate increases next year. “There’s a huge amount of money that’s trading these events, so you’re getting extraordinary volatility on what I don’t think was extraordinarily volatile news. “It would have been maybe better if (Powell) just plain out said that going forward, our policy is going to be completely data dependent.”..

“I don’t think what he said is that far from that. This is a trading game, not investing right now. It’s unfortunate that we’re in a really volatile market.”. MICHAEL O’ROURKE, CHIEF MARKET STRATEGIST, JONESTRADING, GREENWICH, CONNECTICUT. “It was the balance sheet. First, he started talking about it being on autopilot which I just think was a poor choice of words but the market took it that way. And I guess when you are talking about data dependency and all your monetary policy tools, you gear that you are flexible on anything. Of course he is, he can always change that whenever he wants.” letter x cufflinks uk online.

“There was a little too much spin coming into today about dovish tightening, which is one of the worst terms I have ever heard used. Because the Fed has been tightening all along, especially when you have this quantitative tightening, this balance sheet normalization going on at $50 billion a month, there is nothing dovish about it.”. FRITZ FOLTS, CHIEF INVESTMENT STRATEGIST, 3EDGE ASSET MANAGEMENT LP, BOSTON letter x cufflinks uk online. “The balance sheet question did him in…. Maybe they have already committed their policy error. We would be in the camp that they have already raised rates too much.”..