Summer rally being erasedDFN hanging in there but for how long. The FED's manadate was overly hawkish last Friday... rates are going up until inflation comes down and they are prepared to accept the pain that will ensue.
"These are the unfortunate costs of reducing inflation," Powell said. "But a failure to restore price stability would mean far greater pain."
Covid changed the work ethic with so much free money sprinkled into so many pockets, screwing up the supply chain and jacking inflation. JP is determined to change that by slowing the economy, increasing unemployment, slowing wage growth and price inflation overall.
The summer rally is slowly being erased but I expect volatility to pick up in the next few weeks and retest the June lows.