Well, Reserve Bank Assistant Governor, Guy Debelle, did say there’d be a violent market reaction and it was taken he was alluding to a coming crisis. However he didn’t actually say in what direction! Yep, in case you haven’t heard, Wall Street has had a violent reaction to the positive, which proves the old cliché - don’t fight the Fed.
In this case, it possibly applies to the European Central Bank, which partly explains this triple-digit spike in the Dow Jones.
But it’s not all just central bank stuff that’s driven the Dow up 263 points overnight. It’s that good old boy and girl called the US consumer.