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The Fed’s favorite inflation indicator (Core PCE) rolls out tomorrow before the opening bell, and is chartable in SlopeCharts with the easy-to-remember symbol FR:PCEPILFE – – for those with access to the economic database. Here’s the entire history:
In the first half of March, as we plummeted toward the reality that some of the biggest banks in the country were going to collapse, it would seem to be the picture-perfect kick-off to a huge bear market. Well, nope, nope, and nope. Because instead of providing a reason for a bear market, it instead provided an EXCUSE for the government to trot out more “accommodations” for the banking golf buddies of Yellen and Powell. Thus, even as we observe that quantitative tightening is moving apace………..
If I had a brain larger than a hamster’s, I would have recognized how important today was.
So, today was…………..interesting. Later this afternoon, I’ll do a post or a video to recap it.
Good Lord.
Call me crazy, but I’d say the pop has topped.
