No Thanks

How would you like to be on the FOMC, saddled with the messaging job from hell? You want to boost consumer confidence and business activity, but not so much that the markets get a whiff of inflation and interest rates shoot higher as debt spirals out of control.

You want a strong dollar to stave off inflation, but can’t convince the currency markets that the US, with its failed pandemic response, is deserving. You want to avoid another equity meltdown, but pretty much everyone now recognizes that the markets have lost all connection with reality as speculators bid up already overpriced securities.

No thanks.  If there’s an easy way out for the Fed, I can’t see it.  So, it’s one day at a time, one stick save at a time, hoping that a vaccine will come along and restore at least the semblance of integrity.

For what it’s worth, futures are back below their 10-day moving average this morning. continued for members


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