This is all it took to get FOMC members to walk back Bullard’s hawkish comments. Note the tiny channel breakdown. Terrifying enough to keep QE going and to respond to the worst inflation in 40 years with a mere 25 bps rate hike a month from now? Apparently.How else can you explain this insanity?

If it’s too hard to see the Fed Funds rate on the above chart, here’s a close up.continued for members…

The bond market is not so sure that the Fed is going to do much of anything just yet.  There certainly is a very consistent, long-standing pattern of pandering to the stock market.

The bigger picture for SPX:

Note that ES doesn’t show its rising channel having broken down and, like SPX, experienced a bullish 10/20 cross on Wednesday.

COMP appears to still be yearning for a SMA200 backtest.Currencies are in a holding pattern – fairly typical of a Friday, often portending a crack later in the day or on Monday.

And, BTC faces its next support test at the SMA10.

CL and RB are similarly running in place. Stay frosty…