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Stale Fed Minutes Show Consensus Around ‘Mid-Cycle Adjustment’ Narrative Prior To Market Turmoil
Ahead of Jerome Powell’s remarks in Jackson Hole, the market gets to digest the July Fed minutes.
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Don’t look now, but the 2-10 spread is back down to 1 bp and change. I think Powell could bring Cicero himself as a stand-in Friday and still not find phrasing to satisfy markets, mostly because markets know that America’s little economic “happy spot” is floating along on an ice cube in river of lava.
Money market funds looking better every day, till the coast is clear.