The Federal Reserve has the stock market’s back, right? That’s what a lot of investors have come to believe. The so-called “Yellen put” (after former Fed Chair Janet Yellen) has rolled over into the “Powell put” (after current Fed Chair Jerome Powell) in trader parlance that likens central bank policy to options contracts protecting against losses in equities.

But what if the Powell put doesn’t do the trick this time, and economic data and corporate earnings continue to deteriorate despite interest rate cuts? What if it isn’t enough to counteract U.S. President Donald Trump’s trade war?

That’s one of the topics guest Alec Young, managing director for global markets research at FTSE Russell, explores on this week's show. Also joining the podcast is Romaine Bostick, a reporter and anchor on Bloomberg Television, to give his take on the state of play in markets, and what he’s hearing from sources on Wall Street.