Beautiful Curves
It’s just 3:30 in the morning, Tim-time, but the sun started rising over the East River half an hour ago, so I’m up and about. It’s interesting to see how the narrative of the market is falling to pieces. The thesis of this entire ridiculous 2024 rally has been that (a) multiple interest rate cuts from a Biden-loving Fed and (b) low inflation would both contribute to a stock market that did nothing but make new highs every day.
Yet what do we have? Well, we have a plunging bond market, thanks to the fact that Powell has cut rates precisely ZERO times almost halfway through the year (in contract to the 5 cuts predicted before)……..
