Tuesday March 22 2022
The pattern since the top in January has been a downtrend followed bya vigorous rally in price to this downtrend line. We are there now. The next few days should tell the story.
Bonds
The pathetic .25 bp raise by the FED looks ridiculous against the ten year yield. Powell is saying more raises sooner but he is behind the curve.
Team Biden has apparently abandoned US energy independence preferring to beg the Saudis and UAE where neither will return his call or arch enemy Maduro who probably does not have any to spare given the sad state of his equipment. Point is that gasoline prices, and everything moved using fuel, is going to cost more, but then that is how macroeconomics works.
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