It’s Fed Day, folks. You know what that means. Sitting around anxiously as we await Powell say the exact same things the Fed has said every single time for the past twelve agonizing years:
- We have a dual mandate, which is all about helping the little fella;
- We follow the data;
- It’s not entirely clear that the economy is ready to stand on its own;
- So we’re going to keep a really, really close eye on things.
- Once we know the market doesn’t need our help, we’ll put our tools away.
Uh-huh. Shove it, J.P.
Thus, even with the relief rally of D.C.-not-shutting-down, the futures didn’t even manage the peak they reached Monday night, back when the whole debt ceiling thing was still up in the air.
In the spirit of this stalling-for-time kabuki theatre, I present to you a favorite Python sketch of mine:
