Mrs.Carol Mickey was the first woman trader on the Chicago Mercantile Exchange's International Monetary Market ; and at one point, one of the biggest currency traders in the world. And she is a part owner of the Chicago White Sox and Chicago Bulls, and one of a few people in the world with six NBA Championship rings and one World Series ring Respectively.
Notably;Mr.Leo Melamed, the founder of the International Monetary Market, and former Chairman and CEO of the CME. As one of the most important figures in the history of global finance, his contributions include inventing financial futures, globex and cash settlement. These are two extraordinary American success stories. It was our great privilege to spend time with everyone, and watch a good win for the Sox!.
Notable inflation data reported this during the week this month; Ahead of this week's CPI and PPI reports, a cooler than expected outcome would be even more consequential than usual, given the pressure President DonaldTrump expectancy of Mr.Jerome Powell to cut rates.
That said, CPI report ticked up, but in line with expectations including report on June producer price inflation was flat on the month, softer than expected.
Based of those inputs of CPI and PPI, the Fed's preferred inflation gauge ;personal consumption expenditures (PCE) , is now expected to come in at an annual change of 2.5%.That's an uptick of a couple of tenths of a percent, and it's moving away from the Fed's 2% target. All of that said, the Fed's efforts to condition the market to obsess over a tenth of a tick here and there are being deconstructed by the Mr.Trump sledgehammer.
The administration continues to openly discuss prospects of a new hand-selected dovish Fed Chair. And the more it's talked about, the more a "shadow Fed" policy becomes reality, and integrated into the market outlook.
The President Trump administration continues to openly discuss prospects of a new hand-selected dovish Fed Chair. And the more it's talked about, the more a "shadow Fed" policy becomes reality, and integrated into the market outlook. You may have initially seen the inflection point;Mr.Kevin Warsh, one of Trump's short list candidates to replace Mr.Jerome Powell, was on CNBC and didn't hold anything back on outlining what a new Fed regime would look like.
He called for broad reform at the Fed, suggesting that interest rates (rate cuts) are just the starting point. He potentially said "AI is going to make everything cost less," and that "we are at the front end of a productivity boom." So he's communicating to markets that economic conditions are set up for a non-inflationary economic boom. Meanwhile, he criticized the Fed for holding down the economy because it wrongly believes that strong economic growth must be inflationary.
After this interview,Mr.Jerome Powell may have officially become a lame duck Fed Chair (Functionally weakened). And a "shadow Fed" may now be a reality, and with meaninful influence on markets. Markets reacted positively to Warsh: Yields traded lower on the day, and stocks traded back to record highs.
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