U.S. stocks suffered their steepest declines so far this year with Dow Jones and S&P 500 both declining 0.6% on Tuesday. Meanwhile operating Asian markets are all in red led by Japanese stocks despite the BoJ upgrading growth estimates for the next two years and as expected keeping monetary policy unchanged.
For the most part, last week was flat with some bouts of choppiness. I think Fed Chair Janet Yellen and the Fed were drowned out by everyone’s anticipation of the inaugural address. The outcome was very predictable. The American people liked it and the mainstream media didn’t. The market jumped off a cliff during the speech but spent the rest of the day recovering after it.