It sticks to plan, QT like clockwork: What the Fed did in details & charts, and my super-geek extra-fun dive into the “To Be Announced” market for MBS.
The Case-Shiller index, which lags 4-6 months, is starting to pick up the price drops in Seattle, San Francisco, San Diego, Los Angeles, Denver, and Portland.
Powell quotes Volcker, promises to “use our tools forcefully,” take “forceful and rapid steps” to reduce demand until “confident the job is done,” though it’ll bring “pain to households and businesses,” but not doing it will cause “far greater pain.” Hawk city. Finally got through to the markets?
