The Fed walks into a bar.
The
bartender doesn't ask the Fed what it wants, because nobody can afford
to go drinking anymore since all their money isn't worth a damn, even
as prices for just about everything are going up, and therefore the bar
is closing down.
"A glass of Minervois," the Fed says darkly.
The bartender, surprised that it drinks wine, still picks up on the
hint. Out of a job anyway, he converts his meager savings to euros, moves to the Mediterranean coast of France, and lives a mediocre life.
Comment
What,
you wanted serious Fed commentary? Fine. The Fed cut rates again, for
no good reason. Stock indexes didn't particularly like the decision at
first: the Dow dropped 100 points right away. Then, everybody changed their minds, and the Dow closed up 137 points. Bonds, still the closest thing we have to adult supervision, moved the 10 year Treasury up 2%. When bonds are up and stocks are up like this after an announcement, the safer bet is...
To read the rest of our analysis, click over to our blog...