Almost every business day we have Fed speakers–you know the folks–the ones that had no idea that interest rates were too low a year ago and missed the obvious (which almost all of us knew). They are the ones that say they are ‘data dependent’, but yet every day shoot their mouths off about what they will do in a few months. Give me a break!! Are you data dependent or do you simply like to hear yourself talk?
Anyway Fed folks Bullard and Williams shot their mouths off yesterday–stocks tumbled but the bond market yawned. Almost without doubt these Fed officials are ‘pleased’ when stocks tumble – whatever. Eventually markets will turn a deaf ear to these clowns–see them as the buffoons they are. I think the bond markets have them figured out already–yawn.
I see the futures markets are up a bit–mostly meaningless of course. The 10 year treasury yield is at 3.65%–steady as we go–perfect.
So today we have some housing data and some consumer confidence numbers. No reason to think these pieces of data will move markets absent major (huge) surprises. I think markets are focused on PCE (personal consumption expenditures) on Thursday and employment on Friday.
I didn’t do a thing yesterday–no buying or selling–in fact I only checked my accounts at the end of the day to see the bottom line–very tiny amount of red–almost a rounding error. As I mentioned before I like the end of the month since that is when dividends and interest roll into my accounts–kind of a silly thing really since the amounts are not exactly life changing–BUT over time it is real money.
Yesterday I paid $2.34/gallon for gas for my SUV–felt like the olden days. Locally we have a bit of a ‘gas war’ raging with prices much below the Minnesota state average prices–regional giant operator Kwik Trip is putting the hammer to competition–capitalism at its finest for consumers (although long term maybe not). Minnesota has a law that puts a floor under retail gas prices so we don’t see gas wars often, but it sure feels good to fill up for $30 once again.
I see another crypto brokerage firm went bust yesterday. I understand zero about crypto–I simplistically equate it to precious metals, but I can hold my precious metals in my hand. The concept of digital coins is a bit far for me–BUT if bitcoin ever went to $1 I would buy some just because–because maybe a more foolish person would pay me $67,000 for it someday.