All quiet on the front, but all hell is about to break loose.

Interestingly, defensive stocks are under more pressure, as the de facto haven of tech stocks (deep pockets can avoid overpaying for capital) continue to lure buyers.  But mostly, nobody is doing much…yet.

T-Minus one hour before Jay Powell steps up to the microphone.  He will face serious questions and walk the most delicate of tightropes.

When does the Fed Pause?

What impact is the banking crisis having on policy?

Is the market right to see 150 bps in rate cuts from July this year to July 2024?

Meanwhile, money managers around the world are now more concerned with a systemic credit event than inflation.

The bottom line is, Jay Powell doesn’t need to hike rates here no matter what the economists at the Fed and country clubs tell him.