Jerry reverted to the light purple necktie today in an obvious attempt to assuage the markets while he spouted more nonsense about "pain", "losses" and "terminal rates". It didn't work.
And frankly, after watching all of the theater, I'm not really sure where to start today. The Fed acts as if they are omnipotent and the financial media treats them as demigods. The FOMC now forecasts an additional 125 basis points of fed funds rate hikes before the end of the year! This will bring the fed funds target rate up to 4.25-4.50%...all at a time when the U.S. economy is...
