March 28

Well well, after months of uninterrupted rise; 12 month money retreated a smidge on Wed.

We still see the equilibrium rate of funding at 2% and given other stimulus, the economy and pricing remain strong. We do not buy recent retail softness given the extreme weather patterns of late Winter. Trump's Fox News cabinet and 1920's trade ideas will not be the undoing of the post- FC expansion.

Hyper-moves and demon drop equity flushes may brown stain a junior casino capitalism millennial but those moves are more a function of waves in the zero rate surface breach than economic trouble. Year 2 for any POTUS, let alone one as totally incompetent as this one, is usually a choppier one. The measure of the quickly buzzed about Powell Fed will be the new Chair's understanding of the 3 year old in charge, his creepy Treas Sec and on the wagon Economics adviser. "Measured" isn't a strong enough term for being the independent counter-weight to Larry, Curly and Moe.

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