Media Jawbone of all Jawbones…

“All eyes are on Powell’s widely anticipated 10 a.m. ET speech at the central bank’s annual symposium in Wyoming.”

Oh really, Mr. MSFM article? Really? All eyes are on Powell at Jackson Hole?

Click the image if you want to have the article harvest your eyeballs for an event that should be already factored by the markets, but appears to be an excuse for summer trading to churn and grind some more.

The market is already pretty sure what Powell’s going to say because the market has driven up the inflation trades and inflation indicators lately along with Treasury yields. What’s more, CME wiseguys are now favoring .75% at the September FOMC.

cme group fomc rate hike probabilities

But let’s not let a good media event go to waste. Even though it is or should be already factored, “all eyes are on Powell’s” speech. Okay algos, black boxes and HFTs, run with it.

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4 thoughts on “Media Jawbone of all Jawbones…

  1. Exactly what I hate about all this. These discrete talking events that gyrate the market in unknown directions are a pain in the ass. I am sure the minutes his words are released most markets will look like an impulse sine wave with an unknown ending spot. Aargh.

    1. Of course. Yes. But it’s nothing new. Hype has been part of the markets since I’ve been part of the markets. In fact, one of my earliest lessons learned was to realize that hype tends to have an efficacy of a day or two before the trend – up or down – resumes.

      Problem now is that we’ve got two trends in play: Short-term up as anticipated for the summer window and long-term having turned down as the bears have the ball unless the bulls take out certain extreme upside targets.

      Personally, I’d rather not see the latter scenario with bulls chasing bears all over the playground again, giving painful wedgies to our furry friends.

  2. This –the jawbone and media hysteria–is pure theater just like Trump’s appearances in professional wrestling. The photo is of an actor reading lines.

    This entire circus comprises two groups and two groups only. The first is the big boys’ elite club who have already placed their bets and will cash in big shortly. The other is rest of the planet. They can try and scrape or beg for a few crumbs off the big boys’ table.

    1. The one thing we little guys can use to advantage is patience; not trying to make chicken salad out market chicken shit every week. Powell is now paying us a little scrap on the side to sit in cash and wait. We may be be ‘the rest of the planet’ but we can act like predators instead of the big boyz’ victims.

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