The Third Mandate

Happy Fourth of July! We will be back on July 6. (1) Fed officials need our attention. (2) Four rate hikes later, no tightening tantrum. (3) Stock and bond investors responding to Fed with benign neglect. (4) Bond yield, yield curve, and expected inflation all telling Fed “no mas.” (5) Fed should fear that halting rate hikes will send stocks to the moon. (6) Melt-ups are not conducive to financial stability. (7) Williams, Fischer, Yellen all weigh in on the subject. (8) The Fed’s “great unwinding” is winding down the road. (9) Furniture sales on flying carpet.