Trump and Hegseth and their supporters will do everything in their power to hide the cost of war. But like it or not, this is our war. These are our leaders. It is our tax money that has bought the bombs.
My concern is that the Fed will begin to gain comfort in the functioning of short-term interest rates, then decide to reduce the balance sheet just before a shock coincides with less liquidity and super-high stock valuations.
The market is going to move slower or faster toward fair value for a whole host of reasons, and to think it’ll get there on some exact day is just dumb.
