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Fed Moves Liftoff Up a Year, Makes Technical Rate Adjustments

“If I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.”
-Alan Greenspan

Breaking rocks in the hot sun, you fought the fed and the fed won! Hopefully, you didn’t short bonds this week because if you did, you’re probably a bit testy and upset. It’s ok, we get it. There was a lot of reasons to suspect Jay Powell might bungle up and deny the evidence of inflationary conditions that is mounting daily, but instead he seems to have seized control of the narra...

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