Fed held rates steady. Powell decided to stay on as Fed governor.
Powell staying on was pretty much a certainty since being in office means tax payers get to pay for his legal fees if the Trump Administration comes after him again.
The commentary of the voting committee just reinforces that Warsh is a going to be a lame duck and the next dartboard recipient of Trump’s protestations. One vote for lowering rate cuts. Three descents to remove commentary about softening.
Ouch.
PCE is tomorrow. But, unless I hallucinated Powell said PCE for March was 3.5% which matches consensus.
Watch the weather. If the US has a mild Summer people will stay pretty copacetic. Copacetic people are less panicky.
The trade for me is still the same. Buying puts on IWM on strength and flipping them everyday as the market rolls over. The market still has a ceiling. This is as little thinking as I need to do right now. MICRO:
The Avis situation resolved and my estimate of ~750M was way off. Pentwater made well over a billion.
Unless you catch a local pump and dump everything is just going to ride the same wave of uncertainty right now.
Protara Therapeutics (NASDAQ:$TARA) announced they are presenting updated data next month. One to watch. We have been playing this stock for years and still have a position. Though not as large.
— AJ
Event Horizon Tools
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