The ETF Portfolio Strategist: 27 August

  • Markets like what they heard from Fed Chairman Powell today
  • Strong gains for all our portfolio strategy benchmarks this week

The anti-taper-tantrum rally: Earlier today, Fed Chairman Powell attempted to navigate the treacherous waters of 1) reminding markets that the central bank was approaching the start of winding down its asset purchases without 2) triggering a sell-off of risk assets on the view that such comments meant that rate hikes are near. In fact, the two are separate and distinct, he emphasized.

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