The market’s reaction to yesterday’s FOMC decision was, quite simply, overdone. Equity indices were initially firm, but popped on a swift drop in vol.  Did lowering the amount of QT help? Perhaps.

But, Powell readily admitted that FOMC members have no idea where employment and inflation are headed. Inflation estimates are higher and growth is expected to slow. So, we’ll stick with our own assessment: stagflation.

continued for members…

This flag pattern has reacted again at it’s top.

Though oil and gas are flat… …TNX has gapped lower. Not a good sign for equities, GLTA