FOMC is 1.5 months away but the jawbones interfere with markets at will
 I actually got up on the wrong side of the bed, so I am not my usual pleasant self. I’ve been getting up on that side of the bed since getting run over by this a-hole on Saturday night…
Here is a secret. I hate these people* because of their insatiable need to get in front of microphones to try to manage the expectations of we great unwashed market participants at every turn. They are eggheads. I’ve written that once, I’ve written it maybe 100 times.
While we were insisting that they get off their egghead asses and raise interest rates in accordance with the lift off in 2yr yields and then more critically, T Bill yields, they were still slowly coming around to the fact that their ‘transitory’ inflation narrative was a hoax. Only the eggheads believed their own bullshit. Only professional economists like FOMC members could be so dense and slow on the uptake.
From my February 9th post on the matter:
Meanwhile, you can see that the 2yr is telling these clowns to get the hell out there and jawbone! More to follow, I am sure.
And now we have Ms. Daly (per link at top) being so predictable it’s not even funny. Yeah, yeah, Mary, we get it. Inflation is bad. Just like it was still transitory back in February.
CME Group is expecting .50% to .75% in September. We don’t need public jawbones eating a mic on a Tuesday, messing with the markets and reversing yields for a day.
* Actually, I hate the entity; a remote management organization manipulating interest rates, pretending they are doing it out of their own decision making but in reality tardily taking market signals and proving themselves incompetent and a blight on the financial system and the entire country. It goes beyond this short, pissed off post’s scope to elaborate on the reasons why, but I’ve posted about it aplenty in the past.
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