Show notes:
TMSpotlight:
9.18.23 Bonds are "Looking Through You"
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Fed’s not the same.Fed’s lips are moving. Bonds cannot hear.
Jay’s voice is hounding markets with one of these days markets POW to the moon. The Fed wants the long end to not jump the gun while it jumps the shark.It threatens another tightening to keep markets in line, but it only proves the Fed’s show is over. It has one tightening left and cannot sell its underwater mortgages without significant market disruption.Bonds know the data game better than the Fed. Bearish momentum is fading. Bonds are attractive buys. And hibernating with T-Bills is expensive.Bonds learned the game. They’re Looking Through You. Fed’s not the same.------------------------Song: I’m Looking Through You (1965)The Beatles (John Lennon wrote it.) from their Rubber Soul album remastered in 2009https://www.youtube.com/watch?v=gH6i9JAdJrQ