Stock market has an extremely strong reversal session after the press conference following FED's decision to keep the 0.25% interest rate increase and continue firmly affirming determination to curb inflation with the "higher for longer" interest rate policy. Not only that, Yellen also stated that the US government is not considering increasing the bank deposit guarantee for US citizens above $250,000, causing investors to immediately shift their attitude amid unease and start panic selling, fearing the return of banking crisis. Panic sell begins from the banking sector and spreads to the entire market, with uncovered put hedges bringing pressure back to the market, pushing SPY down 9 points in the last hour.
FOMC 03/22 Summary:
FED will continue QT process and sell assets
