As expected, Fed Chair Yellen was boxed in, so she tried to be "market friendly" by telling us that the economy is turning to shit. In the past that's alway been good for 100 S&P points. This time, the "rally" lasted a few minutes, but subsequently Dollar/Yen has sold off and Financials are getting monkey hammered.
Global Central Banks haven't figured this out yet, but it turns out that banks don't like paying people to borrow money. In addition, they are already massively overleveraged, so taking away their only source of profits isn't coming at a great time.
Banks: Northern Trust
"Now this here, rings a bell"
Brokers: Schwab
"I thought we fixed Wall Street with the free money bailout"
Wall Street: Morgan Stanley (-50%)
Private Equity: Carlyle
