The new Fed Chairman deluxe was answering questions before the Congress today.
And the old chairs, Zimbabwe Ben and Janet, were discussing economic war stories, tall tales, and their mighty bubble adventures at the Brookings Institution today.
Mr. Jerome Powell, may I call you Jay? Well, apparently Jay said something to our august lawmakers that the markets interpreted as 'hawkish'.
And since the markets lack any internal compass or conviction, but hang on every syllable from the mouths of those who dole out its daily dose of hot money sugar, stocks took a dive. The Dollar was rallying on higher yield expectations and, of course, precious metals were moving lower.
And as a consequence of her stressful day, Dolly has spent the remainder of the day curled up and pouting mightily in her blanket. She does not like baths, vets, or thunderstorms in that order.
But at least Dolly looks and smells better than before. The markets still stink of corruption.
And so both the markets and Dolly have had a thorough wash and rinse this week.
Let's see what tomorrow brings.
Have a pleasant evening.
