Fed holds rates steady, indicates only one cut coming this year…until some fake data is produced when they say no rate cut.
9:07am to paid subscribers
JUST IN: Fed Chair Powell said he does not have "a definitive answer as to why people are not happy with the economy."
He said that all of the data is strong and "we have an economy growing at a solid pace."
Paid Episode 16 min
Free Episode 8 min
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Summary of the day
300 dow pop sold off from open to noon
18 months of jaw boning about rates
1st we raised.
Then we suspected 6+ cuts since Santa rally
Now they say 1 this yr
It will likely become none.
Now we will hear the economy is so great we don’t need rate cuts.
Then it gets so bad they are forced to cut
Breadth
998 new highs
139 new lows
70% advancing 26% declining
42% below 50 day ma
35% below the 200 day ma
Stuck out
Broadcom earnings, AVGO, has announced a 10:1 stock split Jul 15
again…tools of the late stage bull
Buybacks
Dividends
Splits
Layoffs
Strong
Weak
What to watch
Watch mag 7
Watch yields
Credit card delinquency rate (1991-Present)
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