Wall Street has been buying all day. My accounts are up over 2% in aggregate today. This certainly doesn't make me whole after the last two weeks, but it's certainly better than more of the same medicine. I suspect this is a reaction to the 10-year note dropping 25bp today after nearly reaching 4% yesterday.
Inflation will have to be flat or down in September. If it is, the Fed may relax at the November meeting but if it's running higher than 2% we're likely in for another rate hike which I don't think we need. As we ride this post-pandemic economic roller coaster we may be talking about deflation by the end of the year.
The person that turns over the most rocks wins - Peter Lynch
