Transitory Inflation = Obama's "Shovel Ready Jobs" = Not So Shovel Ready After All

“Federal Reserve Chairman Jerome Powell said he expects policymakers in December to discuss accelerating the timetable for the tapering of monthly bond purchases. Speaking before a Senate panel, he said tapering could wrap up “a few months sooner” than anticipated. That would open the door to interest rate hikes thereafter. Powell also said “it’s probably a good time to retire” the word “transitory” to describe inflation.” Make no mistake - the Federal Reserve is an 800 pound gorilla within the financial world. Whether you agree with him or not, he's going to do what gorillas do and sometimes that includes throwing his shit at you. The Fed has BEEN THE MARKET in treasuries and mortgage backed securities ever since all of this Covid bullshit broke loose TWO YEARS AGO. The political class saw their opportunity to "max out the credit card" and they jumped on it. A more craven class of assclowns you are never going to meet but then again, look at their constituency and tell me we don't have a representative form of government. But, even 800 pound gorillas have limitations and Powell & Company have finally come face to face with their own. The “Everything Bubble” is real and, like all bubbles (Tulip, South Sea, Housing, Tech, Y2K) comes to end like all manias. The Fed recognizes that $3.50 per gallon gas and $10 per pound bacon and through the roof rents and houses sometimes doubling in price within the space of 18 months are not normal. The 800 pound gorilla just stepped into a steaming pile of King Kong’s shit and realized that he is not really the biggest ape in the jungle. King Kong’s alias is “end of the Dollar/end of the Empire” and the 800 pound gorilla has a choice. Go back down the mountain trail from whence he came or continue on the current path and meet King Kong face to face. Kenny Bing’s advice in all of this bullshit? Don’t find out too late that you are the proverbial bagholder.