If it's any consolation, from experience, I believe the guys in the White House will turn this market before too much longer. Remember, mid terms are right around the corner. Not that I mind terribly, but Powell's already being set up as the "fall guy" and he should be !!!How can any half way intelligent Fed Chair rocket interest rates with the current "rate of change" and not anticipate disastrous consequences. Rates have doubled in 9 months with another 3% promised by the end of 2023!!! Think of the impact on CC debt not to mention mortgage debt for all the AR mortgages!!! AND the DXY is at all time highs virtually crushing US manufacturers world wide!! AND all that for what?? To bring inflation closer to 2%.!!!! The people being hurt are American workers that will loose their jobs to foreign competitors !!!
Shelter inflation cannot be controlled when the problem is a massive housing shortage. Inflation cannot be controlled by the US Fed because it originated with Russia and the Ukraine war driving up energy prices. So our answer is to destroy demand, destroying the US economy which is exactly what Putin wants. Talk about playing right into his hands. Have we lost our mind???
Think about it!!!
Cheers,
BB
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