A Miserable Day for the Markets


To the markets, this was just a miserable miserable day, but you know what? It looks like branding here off the session lows, so one could be encouraged by that. What I am most discouraged by disheartened by and disturbed by is that the Federal Reserve is not going to be able to move as it had intended on interest rates when it meets next week. So the expectation before all AT double L broke loose on Friday, the expectation was that the Federal Reserve was going to raise rates by a half a point. That's a lot, but let's face it, these guys are asleep at the switch for so long. I blame them for creating the entire mess we find ourselves in today because they left rates for too long at zero and then when it finally came time to creep them up, it took them forever. I mean, they were still printing. Way too far into this. And then simultaneously, you had the Biden administration with their multiple stimulus plans. Oh, and don't forget, there was a third stimulus check. As soon as he came to office, he was like, whoopee, handing out money. That was such a mistake. You had both fiscal and monetary policy working together to pump as much as they could into the system. We have so many dollars floating out there. So something like this was bound to happen.

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