An Important Non-Event

Outside of the geopolitical realm, the June Fed meeting will get top billing this week, although it'll almost surely be a non-event. Or at least it should be a non-event. Indeed, it better be a non-event. After all, market participants have pretty clearly bought the notion that the Committee will stick with the "transitory" talking point when it comes to inflation and that, in turn, means Jerome Powell can't make the "mistake" of suggesting internal taper talk is advanced. Remember, it's not