Did Sen. Manchin Just Read The Fed The Riot Act?
Updated: Sep 6, 2021
For those that missed it, Senator Manchin wrote an open letter in the WSJ to the Fed. "Dear Fed. Stop. Just stop. Inflation is hurting voters, correction I mean people!" And yet, it was a fairly quiet day for everyone except the Treasury bond traders. The market knows where the real power lies and is waiting for him to speak.
WSJ letter: http://ow.ly/kyrJ50FMdvn
Fun history: The Riot Act https://lnkd.in/eCrnSW5X
What is the bond market saying? If Congress and the White House ask the Fed to squelch inflation, that means a lot more tightening than gradual QE reduction. We're talking interest rate increases and everything!
Robert Lloyd, CFA®
Chief Investment Officer
Lloyds Intrepid Wealth Management
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