Mohamed Aly El-Erian has it right; the Fed is a play-by-play caller
A play-by-play caller with multiple orifices always at the ready to eat a microphone and influence the mindset of man and the programming of machine. Why, here is Kashkari tamping you down on your rate cut expectations (click image for the article):
I hate it. I think I’ve made my disgust clear over the years. The Fed is constantly meddling with the markets, which are far from “free” as a capitalist fantasy would have you believe (click image for the article):
The latest bout of inflationary spirits was anticipated, as Treasury yields had dropped hard to support (bonds to resistance), commodities in general were due for a rebound (at least) after nearly 2 years of downward consolidation, of course Payrolls (T-minus 15 min.), with all that government hiring, government fiscal stimulus with its $34 Trillion debt pool, and even a softening of the Fed itself, per Michael Pollaro’s graph (thank you sir), with back door operations acting as a regulator or buffer to hawkish public-facing policy.
More from Michael:
With all the actual hands-on manipulation of the macro going on, do we really need these voracious microphone eaters on top of it all? The data are out there. Why dear Wizard of Oz don’t you just let us dig up our own data and indications and leave us alone? We’re big boys and girls (and machines). We can handle it on our own. Just do what you do and STFU. But of course, you never will.
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