Stocks dove on the latest non-news from the Fed. The headless-chicken response to routine announcements from the central bank is evidently so deeply ingrained that even when Powell has nothing new to say, the trade-desk geniuses can’t help tripping over themselves trying to get out of their own way. The Fed chairman said monetary policy, such as it is, will hold steady for the time being, since inflation is low and the economy appears to be slowing slightly. This revelation not only caused stocks to plunge, it also aborted a rally in gold that, gold being gold, was probably doomed anyway. Look for cooler heads to prevail on Thursday, after the usual gallimaufry of jackasses have gotten a grip on themselves.
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Tuesday, June 11, 2019
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