Alarms are going off on multiple charts this morning, the day one of the most consequential Fed meetings in years kicks off.
The topic on everyone’s mind, the one we’ve been warning about for the last six months, is inflation. But, if you believe Jay Powell, it’s not even something the Fed’s thinking about thinking about. Just look at the bond market – nothing to worry about, right?
Wrong. The Fed says what they need to say in order to justify the massive stimulus being thrown at markets – said stimulus being sufficient (so far, at least) to keep interest rates from keeping pace with spiking inflation. Now, the Fed’s starting to sound just plain ignorant.
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