The comedy of the fed returns with the PPI coming in at over 15% annualized. The PPI is manely ignored because it doesn't subtract wage deflation. How quickly double digit inflation became normalized & 1 time events became ongoing inflation. Came close to selling a small position on Wed, but the lion kingdom's exposure to the S&P remanes very small, especially in an IRA. Selling is only possible in an IRA, which is another reason against having all the cash in IRAs. The other reason is the need to access the cash. The long bond expects higher interest rates in the future. Lions expect the S&P to go lower in the future. The fed never managed to suppress the yield curve, despite much quantitative easing. The 30 year cracked 33% higher than the 1 year, despite a massive printing. ---------------------------------------------------------------------------------------------- Forever positions come of age It came to pass ...