It's a beautiful building. Too bad so many terrible plans have been hatched there.
Truthfully, I do not envy the Fed's position at this point. No matter what they do, someone is going to shit the bed. They came out with a quarter point cut today. In the commentary, they mentioned that there should be no expectations of many more further cuts. The stock market had the typical hissy fit over that statement and many share prices dumped. (my opinion: they were over valued in the first place and should dump no matter what the Fed did)
In the meanwhile, inflation is back. I think that all of these "Masters of the Universe" should step back and remind themselves that a large number of their fellow Great Americans are not connected to the stock market in any meaningful way. They do not have 401k's. They do not own a Vanguard account. They do not know what "Blackrock" is and they do not have a Fidelity fund.
They do repair your toilets, cut your grass, mop your floors, stock your shelves, babysit your children, etc. usually for nominal wages. My prediction is that they are at some point going to tire of living in the Clown World created for them by the market manipulators and interest rate setters and the go-getters and the jet-setters. Who knows what they're capable of once they figure out who's been exploiting them just so that a small number of beautiful people can buy a second private jet or a beachfront compound in the Hamptons.
For your old Uncle Kenny, watching paint dry (a.k.a. Treasury yields) was a lot of fun today. The long bonds are showing signs of life and the yield curve is steepening nicely. Keep up the great work Fed and good luck with all of that "transitory" inflation. Bwahahahahaha!
