“If getting drunk was how people forgot they were mortal, then hangovers were how they remembered.” ~ Matt Haig, The Humans
“In the field of monetary and credit policy, precautionary action to prevent inflationary excesses is bound to have some onerous effects— if it did not, it would be ineffective and futile. Those who have the task of making such policy don’t expect you to applaud. The Federal Reserve, as one writer put it after the recent increase in the discount rate, is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.” ~ William McChesney Martin, Speech to Investment Bankers Association of New York, October 1955
“Nothing spells trouble like two drunk cowboys with a rocket launcher.” ~ C.J. Box
“We’re not even thinking about thinking about the consequences of our actions.” ~ Jerome Powell, Chairman, Federal Reserve
Stocks attempted to rally again today, cheered on by the financial TV muppets and spokesmodels, riding the buzz from yesterday’s retail sales numbers, and various fantasies about a cure for the coronavirus.
But alas, and again, stocks had their early rise, but then fell back into the close to finish lower or unchanged.
Gold and silver were under pressure most of the day, but managed to eke out a small gain into the close.
The Dollar gained a very small bit as well.
I cannot stress enough how volatile the situation is beneath the surface.
Written by Jesse for Jesse’s Cafe Americain ~ June 18, 2020