Powell is speaking now and the market initially gapped up only to gap right the fuck back down. Basically, we are circle jerking — going nowhere and fast.
The second you think we are busting loose — BAM — right the fuck back down.
We live in a curious world with clowns running the show. I want to be bullish. I have some hedges and want to close them out — but the market isn’t complying with the rules of decency and honor.
The Fed has stopped hiking rates; but have made statements such as the following.
FED’S POWELL: FINANCIAL CONDITIONS HAVE CLEARLY TIGHTENED
FED’S POWELL: OVER TIME THAT WILL HAVE AN EFFECT, WE JUST DON”T KNOW HOW QUICKLY THAT WILL BE.
FED’S POWELL: WE ARE NOT CONFIDENT POLICY IS SUFFICIENTLY RESTRICTIVE.
POWELL REFUSES TO SAY HOW MANY RATE HIKES THE RECENT SURGE IN RATES AND TIGHTER FINANCIAL CONDITIONS IS EQUIVALENT TO
Let me translate. The Fed doesn’t know how the hikes will adversely affect the economy but do know it will slow it down. They also are talking tough and warning people they’ll strike again if the inflation terrorists rear their heads again. They are purposely obfuscating in order to admit the obvious truth: the economy will spiral into recession in 2024 and there is nothing that can stop that from happening now.If you enjoy the content at iBankCoin, please follow us on Twitter