NYC, another name for Wall Street groupthink. . . .

At this point I thought we would have a larger summer selloff. While the retail crowd is very bearish - for once I’m with them.

My point was simple: Powell said last year if your fed fund rate inverts against the 10 year, your policy is too tight. So, that has happened and everyone is shocked and surprised the Fed might cut. Come on!

My theory is that people don’t get that Powell is a risk manager versus an ivory tower economist. If the data supports that, it will happen.