“After thinking about it all day, I’m still not quite sure this isn’t a joke; a high-brow commitment of utterly brilliant performance art, the kind of Four-D masterpiece of hilarious deception that Andy Kaufman would’ve gone nuts over. I mean, it has to be, right?” – Jeffrey Snider, Alhambra Partners
No Jeffrey, Powell’s speech was not a cruel joke. But it certainly was loaded with “Fed speak.” The bottom line is that “letting inflation run above the 2% target rate” is code for: “we have to print a helluva lot more money to keep the stock market and the big banks from collapsing.”
In our latest weekly update, Chris Marcus (Arcadia Economics) and I discuss the farce delivered by Jay Powell yesterday morning:
In the latest issue of the Mining Stock Journal I discuss profit-taking in miners, use of options to leverage returns, the Auryn/Eastmain merger and a new idea. You can learn more about the Mining Stock Journal by following this link: MSJ Subscription Info.
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