SL: Elon Shrugged (and I Moved to Cash)

Why is the U.S. government suing one of the few people who actually gives a damn about the problems that they keep telling us about?

Dear Fellow Expat:

With momentum negative, it’s a good day for a haircut, a tall drink, and a trip to the beach with a great friend from college.

In the world of writing, we're advocates of this idea called the “Power of One.” You write about one specific issue. But today is not the day for this.

We have three things to address today.

And we’ll keep them brief.

Mr. Powell Speaks

This afternoon, markets did tick a bit higher after Fed Chair Jerome Powell spoke from Jackson Hole. The markets bounced off the third-deviation band at 11 AM, and it appears we’ll run solid for the rest of the day.

Today’s conference from Jerome Powell is less about what he said… and more about what he did not say. He discussed the Fed’s dual mandate and his desire to get inflation back to 2%.

But he did not mention Japanese yield curve control efforts that could hammer U.S. bonds. He didn't mention China, which remains a massively bearish force in global markets due to a debt-deflation spiral. He did not say duratio…