Who knew a 50 basis point increase was good news, but that was the tape & that's why you can't time the market except for maybe the nikkei 225.  Watch out for those delayed trades, though.  



Quantitative easing has returned in a big way, hence the large melt ups last week.  The melt ups might have been powered by the fed while the crashes might have been powered by individuals.  The latest $300 billion printing brings us nearly back to the peak.  There was a time when $300 billion was a major stimulus package.  It might have been the bailout of SVB.  We'll never know.

Safe to say the fed is no longer fighting inflation & is decidedly in stimulus mode.  It wouldn't be surprising if they lowered the fed funds rate. It would be a mistake to monetize $300 billion & not cut the rate. We'll have to see if productivity alone or panic overpowers inflation.  Lions believe a down market now would be a buying opportunity & the script to shift towards inflation being a lagging indicator.



HFAC update






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