The markets moved sharply lower in the late morning sparked by Stanley Fischer, who came out after Janet Yellen's relatively meek message, and delivered a strongly hawkish message pointing to a rate hike in September.
That was theater of the absurd of course, since a one and done 25 basis point rate hike does not mean a whole heck of a lot.
Although it does send an odd signal about the Dollar with the rest of the world in lowering even into negative rates. I am sure this concerns Yellen, if not some of the other bank-centric governors.
But it did give Wall St a great cue to do a 'wash and rinse' on an otherwise sleepy day, and take the equity markets up, and then down, and then back around again. The precious metals and most everything else seemed to go along for the ride.
Their crassness and hypocrisy seems to know no bounds.
I hope you just sat this one out, and avoided the whipsaw.
At least we have this phase of the nonsense behind us for now. And we are moving towards the end of Summer.
Next week is going to be heavy on economic data, including a Non-Farm Payrolls report which the Fed will most likely wish to use to justify their much sought after 25 basis point rate increase.
I think we will see a lot of the adults taking their last vacations for the Summer next week. I am not sure how that might influence trading.
And we continue slouching towards what appears to be one of the least satisfying presidential elections in modern US history.
Have a pleasant weekend.
