Bloomberg/John Authers/7-6-2022
“It’s my job to make sense of markets, and I do it gladly. It can be fascinating. The problem is that this implies that there is some sense in what markets are doing. At times like this, such a belief grows much harder to sustain.”
USAGOLD note: Authers digs deep into something to which we alluded last week: “If you are confused by all of this, welcome to the club. Wall Street knows not to fight the Fed, but it doesn’t know which Fed it isn’t fighting.” Authers tells Wall Street not to expect comfort from the Fed. “The central bank’s priority is to regain lost credibility and bring inflation expectations under control.” To pivot or not to pivot. We will see when the time comes.
