The effective federal funds rate stands at 2.33% and $8.85 trillion remains on the balance sheet while Powell makes speeches.
Borrowing is still very cheap for the big boys and the Fed's finger on the scale makes it impossible to know the true value of its mortgage backed securities and US Treasuries.
Meanwhile inflation rages at 8.5% in July.
The market "rout" is merely another yawn as Americans get punished at the grocery store and the gas station.
Current GDP of $24.883 trillion, reported 8/25, implies a fairly valued market level of around 1,600 not 4,057. The S&P 500 remains 153% above that.
They remain rich, and you remain . . . the reason why.
