The Federal Reserve wasn’t too dynamic in 2018 with respect to monetary policy, obstinately sticking to a rate-hiking measure with four increases in the federal funds rate. That appears to have changed given the current economic landscape, and especially in the capital markets as Federal Reserve Chairman Jerome Powell is now preaching patience and adaptability.

“As always, there is no preset path for policy,” Powell said. “And particularly with muted inflation readings that we’ve seen coming in, we will be patient as we watch to see how the economy evolves.”

Powell’s latest comments come as U.S. equities finished their worst year in over a decade. The Dow Jones Industrial Average fell 5.6 percent, while the S&P 500 lost 6.2 percent and the Nasdaq Composite fell 4 percent.

In the video below, Jeff DeGraaf of Renaissance Macro Research breaks down a bullish signal for the S&P in the wake of 2019’s market volatility.

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