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Where’s That ‘Fed Put’? Scorched Dip Buyers Confront the Market’s New Reality

  • Tech shares notch worst week since March 2020 before Fed meets
  • Fed not ‘concerned about some air leaking’ from tech: Cohn
Monitors display stock market information at the Nasdaq MarketSite in New York, on Jan. 21. 

Monitors display stock market information at the Nasdaq MarketSite in New York, on Jan. 21. 

Photographer: Michael Nagle/Bloomberg

When stocks plunged in 2018, Jerome Powell was there, buoying sentiment. Two years later as shares careened into the fastest bear market ever, he stepped up again, flooding the system with support.

After the Nasdaq 100’s worst week since March 2020, investors are wondering what it would take for the Federal Reserve chairman to reprise his unofficial role as market savior. But the bar is now clearly higher, with the economy running hot, consumer prices surging the most four decades and President Joe Biden saying it’s Powell’s job to tamp them down.