I was watching my charts as the CPI was released today and it showed exactly what I expected (up or down)–a rocket up almost 1000 Dow points and a huge drop in interest rates.
I didn’t expect that the indexes would give back everything (or almost everything)–fortunately interest rates remain low at 3.48% – down 12 basis points on the day, although the 10 year was as low as 3.43%. Income issues have skyrocketed–one of my accounts is up about 3/4% which helps to restore some losses from previous days.
As we look forward to tomorrow and the FOMC meeting (started today) we can be very certain that we will see a 50 basis point hike–todays report cemented that in–but I also expect Powell, during the news conference, to be fairly sober and warn that it would be easy for inflation to remain hot or even tick higher. But certainly there should be no surprises relative to in the fed funds interest rate hike.
Keep your seatbelts on for tomorrow–and hope you don’t need them.
4 thoughts on “What a Day – Crazy!!”
What does it say when the title for World’s Richest Person was recently bestowed on the CEO of global luxury conglomerate LVMH? Seems to me there’s still a LOT of cash still in the system and the fed has its work cut out for it.
A new store called Crumble Cookies just openned here and unfortunatly my wife had to take me there. Lined up out the door to buy cookies that cost $5 apiece. When these people can spend $50 to $100 on something they can bake at home for a small part of that amount, what does that tell you? And believe me, I was the only one that only bought 4 cookies only to keep a happy wife.
The local Crumble donates a lot of cookies to my wife’s school (mostly poor kids, lots of homeless) to use as prizes for kids, snacks for teachers/staff, etc. Good folks and good cookies. However, I can’t bring myself to pay $5 for a cookie. Not surprisingly, I said the same thing about Mrs. Fields back in the day, so I am clearly an outlier in their customer distribution (or a “cheapskate” as my wife puts it).
My wife the retired baker made cake pops for our great grandson’s birthday party. He is into Buzz Lightyear so she did planets like Earth, Mars, Jupiter. Cost her about 15.00 in materials plus labor for 4 dozen While a lady on Craigslist was offering 1 dozen for 90.00