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The business cycle has not been repealed despite what many seem to think now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