Welcome to the big week, everyone! Yes, it’s the week when, for the first time in four years, the overlords at the Federal Reserve will deign to grant the public an interest rate cut of an either meaningless 25 basis points or an equally as meaningless 50 basis points. This will be the start of a long series of cuts which, over the course of time, the public will eventually realize are a desperate bid to cure a failing economy as opposed to some kind of gift from the mendacious and self-serving Jerome Powell.
Of all the big events that we face on a regular basis, such as jobs reports and CPI reports, I find the FOMC Day to be the most annoying of them all, because the market is locked in a state of suspended animation for 2.5 days until it happens mid-Wednesday, and then all holy hell breaks loose, both up and down, after Powell issues his release and, much worse, yammers on at the podium.
Typically, the market rallies as Powell is doing his little dance, invariably doing a swan dive the next day once the booze wears off. It’s always a tremendous relief when one of these eight scheduled FOMC performances is totally done.
There’s precious little to say about the market this morning, in which the /ES is down a totally not exhilarating 0.1% As we wait for something- – anything! – – to happen, I’d like to encourage any of you that haven’t signed up to get on board the Solid State train, now that Chapter One has finally come out. I appreciate Squirrel’s mentioning of it, as I’ve been eagerly anticipating the “launch” of this novel as well as your reactions to it.
