Pedal To The Metal? The FOMC held rates at 4.25 - 4.5% as expected. Governors Waller and Bowman dissent in favor of a 25-bps cut. That's the first time since 1993 that two Governors dissented from the policy decision. The Fed lowered its growth outlook, saying that “growth of economic
From Left-Tail to Left Sidelined Markets are scrambling to recalibrate after an unexpected, dramatic rollback from the U.S. and China over the weekend. In a move that exceeded expectations, the U.S. slashed tariffs on Chinese imports from 145% to 30%, while China reciprocated with a drop from 125% to just 10%. Disclaimer: I
Handcuffed perpetual optimism The Trump tariff "step-downs" may have taken the edge off of the worst-case trade war scenarios. Between the Treasury Bessent floating interventionist tools (including the "not-so-subtle nod to buybacks) and Waller softening up the Federal Reserve tone, there's a clear effort to engineer a sentiment