The Fed: Dreaming of the Perfect Landing
Riding Powell's Maestro fantasy to SPX 5500-6000 in 2024. Volcker returns in 2025, but that's an issue for post-Election Day. Until then, party on.
Financial market participants are all aflutter about whether FED Chair Powell meant to underwrite a large-scale easing of financial conditions by hinting that the FOMC formally launched discussions about 2024 rate cuts. This is very simple: Powell knew exactly what he was doing, as evidenced by the fact Governor Waller previewed the pivot two weeks earlier ahead of blackout.