Powell Tips His Hand

We noted yesterday that it is Fed Hype Week.

A couple tough days for the market and the headlines are reinforcing the negativity. A single (and positive) payrolls report has instigated some market noise with the theme being a potential hawkish turn by the Fed after all that effort was put in to portray a dovish Fed.

Ah, but of course, it was all just noise and as noted in that post the CME boyz was discountin’ .25% the whole time. Powell bent over with little resistance. Please sir, may I have another?!?

Let the game of (currency) Whack-a-Mole resume.


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And so the story goes, a global currency war disguised as a global trade war and all the respective Central Banks falling in line to play their parts (with the bond market hysteria behind the scenes playing its part… for now). Party on Garth, no matter what asset market you are partying in.

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