Wars Actually End

"You can't even call this a war. Wars end." -The Wire

As we turn the page on Jerome Powell's tenure as Fed Chair, it is hard to believe (although I should know better at this point) that he could actually say with a straight face this afternoon that there is no case for a meaningfully restrictive monetary policy. Seeing as inflation has been above The Fed's own (arbitrary) 2% target for five years and running, I would think that would be sufficient evidence for meaningfully restrictive policy. 

But alas, we have a never-ending war on inflation which seems to be quickly turning into stagflation. So maybe it is not even a war after all? And that may very well be Powell's legacy in due time--A total punt on a menace to society. 

Tonight is the mother load of earnings lineups: AMZN GOOGL META MSFT. Note how the Dow, below on the daily, did not make a new high versus the S&P and Nasdaq. In addition, even with Visa shooting higher today the Dow is the laggard among the major indices (AMZN and MSFT are in the Dow).

Overall, the bar is very high but Nasdaq bulls continue to act without a care in the world, with the likes of INTC NOK shooting higher today.