Wells Fargo plunged to a test of its 50-day simple moving average of $52.84 this morning. This is between my quarterly and monthly pivots (or magnets) of $53.27 and $52.39.
The FOMC is not recognizing that lower energy costs are a positive for the Main Street economy. The 2% inflation mandate was needed when inflation peaked at 9% in 1979 as crude oil prices rose. A mandate that invites higher energy prices now is not in the best interest of the American people.