The Fed and Jay Powell is so so so full of shit.

They'll look at all the seasonal spending over the summer (which would be a completely normal, typical level of spending by the way), call it "still inflation" and hike again in September.

But who the fk cares at this point. It really doesn't matter what they do for the rest of this year.

They've already signaled that a change in monetary policy is coming next year. They are already signaling that rates cuts are coming.

But why, out of the blue, would they just start cutting rates come first of next year?

Hint: they won't. There's no fkn way they start cutting without a valid reason. That reason is the (planned) event they already have hashed out.

Whatever the trigger will be, it will be a shitshow.

And the Fed will be all like, "Ah wow, who could have seen that coming??"