Ya know, I’ll be glad that, in a few hours, none of us will have to be thinking about two words for another year. The first word is Jackson. The second is Hole. But, for now, we have to listen to the snare drum rolling in the background.
As a distraction, the all-important CPE inflation number came in, and it came in pretty soft:
The cool number was greeted enthusiastically by stock futures, which have been bleeding out slowly all night, and they almost instantly turned green. As I’m typing this, about half an hour before the opening bell and an hour before Powell’s little speech, everything’s red again, but just barely.
So now there’s nothing left to do but wait…………….and hold on.
