Bonds Doing the Fed's "Dirty Work"

“It may just be that the rates haven’t been high enough for long enough" -Jay Powell

Highlights

• Jay Powell was all over the map yesterday, until the Q&A came in and he left the door open for additional tightening

• The business cycle has not been repealed despite what many seem to think now

• My positioning and expectations have not changed and memories of 2007 and 2000 remind me to stay the course

• Until semiconductor stocks begin to reverse course, there is no durable recovery in equity markets anytime soon