Loading ...Powell has a big problem. No doubt he’s seeing the economic ruin he’s created and the horror of stagflation. Now though, he may be looking at a SM meltdown if he utters the wrong words. The SM has been the only thing left standing, if he loses it then he has even bigger problems with Gov’t. pensions and bonds.
I think he has to sound dovish, blaming the weak economy. Wondering if that may be why they crushed pm’s yesterday, knowing full well that a dovish hint creams the dollar and pm’s fly. Course, they’ll throw the kitchen sink at pm’s again after the announcement, whether today or tomorrow, but the cat will be out of the bag.
There’s a lot of eco data today, not the least of which is the ISM Manufacturing Index which is expected to show contraction. We’ll see if they lie.
BTW – oil taking a hit this am down a couple %