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Memes Make Mockery Of Powell’s ‘Restrictive’ Refrain
I'm not one for gratuitous Fed criticism. God knows I'm not.
I avoid, assiduously even, cheap humor and the kind of cartoonishly abrasive macro-policy commentary that passes for "analysis" in the social media era.
On some days, though, the discrepancy between what officials say and what's actually going on across markets (and the economy) is too glaring to ignore.
This week, shares of GameStop and AMC inflected moonward due, I'm told, entirely to a social media post from "Roaring Kitty," folk
It would seem the decision to scale back on QT was premature.
Powell’s approach to breaking the “insanity loop” H described in Fed Suffers Another Setback: lower rates and eventually deal w/ a frog boiling market. But I may be giving Powell too much credit about markets. As I’ve said before, he’s a nice guy in a tough job that seems to have scarred him; I empathize w/ the stress he’s endured since 2018. But his track record anticipating and managing the Fed’s impact on equity market nonchalance about risk is not good. He seems unwittingly determined to add more market shenanigans to his legacy.