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The clown show called unofficial communication policy continues. Officials treat market participant as if they were ten years old, and the markets play the part at times.
Treasury Secretary Yellen remarked that higher rates are inevitable. Don't give her too much credit for being investment grade savvy. She's highly political, so deviation from the preapproved script isn’t tolerated. She wouldn’t have the job for long if she believed otherwise. The markets didn't like the comment about higher rates. Higher interest rates, a hawkish Fed – even if it raised short-term rates 50 basis points total, would most likely upset the delicate balance between risk and reward currently influencing/distorting markets.
One could almost put the reversal of these comments on a stopwatch, because immersed in these markets knows how the game works. It didn't take long for her to imply she's not advocating a rate increases. Official policy is never raise interest rates until the invisible hand force them. They'll blame speculators when it happens.
Saved. pic.twitter.com/DA7Ega47vo— Sven Henrich (@NorthmanTrader) May 5, 2021
The game of denial, riddled with reassurances that everything is still normal, followed by violent reactions that everything is not will continue in the months ahead. Nothing has been solved or fixed. Confidence is not something the Fed can control. The next confidence break will trigger a crisis that will be solved by a forced transition to digital money. Digital money won't be a solution, and it's a big assumption that the public will accept it willingly.
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