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Stocks Stumble As Bullard Rules Out 50bps Rate Cut In July

St.Louis Fed President Jim Bullard - and uber-dove - has apparently decide to distance himself from going 'full-Kashkari' by noting while "it seems like a good time for an insurance rate-cut," the situation "doesn't call for 50bps."

Unfortunately the market needs moar (40% odds priced in of a 50bps cut)...

And so stocks tumbled to show their disapproval

Don't worry though, Bullard assures the American public that "he has no immediate concerns about asset bubbles" unlike Kaplan.

Treasury yields spiked...

As did the dollar...

Will The Fed fold even more?

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