The Celeri Journal #98: Staying the Course

Written by Michael

On June 17, 2020

Global Markets Recap

Stocks looking good as last week’s Thursday meltdown is a distant memory. Bears keep trotting our the “2nd-COVID-19-wave” & bulls won’t listen. The Fed’s buying everything not nailed down & providing minimal guidance – on purpose – re: policies, procedures & timeline. Which only makes blind asset purchases that much more attractive for now.

Without looking I can tell you the VIX has plunged in recent days from 37 – indicating borderline hysteria – to more subdued levels conducive to work as they did for almost an uninterrupted decade post-Lehman. I disagree with the commonly-held belief the Federal Reserve’s sole purpose is to move equity prices higher. I’m sure they don’t mind this outcome, but by quietly reducing volatility across global financial markets in a predictable, consistent manner, they set the table for considerable economic growth across nearly every facet of the workforce – which creates jobs: a key tenet of their Congressional mandate.

In Florida, I’ve been sent back to buy 50 mini hot-beignets as the 10 I brought back an hour ago were gone in under 120 seconds. I’m not sure if this is a good thing or a bad thing, but I’ve noticed 0 signs of a lockdown or quarantine in this part of the country, although I wear my masks everywhere & stick out like a sore thumb.

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