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Newz Chooze

Having initially popped as Fed Chair Powell used the word "patient" four times in the first few minutes of his Q&A today, stocks suddenly dropped as he addressed the size of the balance sheet... Pump... *POWELL: FED CAN WATCH PATIENTLY AND CAREFULLY *POWELL SAYS FED HAS THE ABILITY TO BE PATIENT ON RATES *POWELL SAYS FED IS IN A PLACE WHERE IT CAN BE PATIENT, FLEXIBLE *POWELL: FED WAITING, WATCHING AND CAN BE PATIENT, FLEXIBLE And Dump... *POWELL: WE WANT TO RETURN BALANCE SHEET TO MORE NORMAL LEVEL *POWELL: NOT SURE YET WHAT LONG-TERM SIZE OF B/SHEET WILL BE *POWELL: B/SHEET TO BE SMALLER THAN NOW BUT LARGER THAN BEFORE Markets did not like that... Specifically, Powell said The Fed "balance sheet will be substantially smaller that it is now", and is it that "substantially" that triggered the weakness.