We had a full quarter of hotter inflation and solid growth data.

And yet Fed speakers are still talking about when to cut rates.

Invest accordingly.

This made my day.

Don’t f*ck up my caffè!

I hope you make my podcast with Alfonso Peccatiello part of your weekend routine. Here is the link. This week we discuss how nominal growth is showing some early signs of fatigue, while economists’ expectations remain elevated and market pricing still quite hawkish.

Alf…

Just be aware Powell told markets they should go and price a bunch of cuts at the first sign of labor market weakness.

As a friend would say: “Listen to the Game Masters”.

Europe will never catch up with the US.

The new fiscal rules are even worse than the infamous old ones that killed growth in 2012-2019.

It's so sad to see policymakers slowly but inexorably kill the European economy via over-regulation and a dogmatic demonization of deficits.

Core inflation is around 3%.

But the Fed Put is already back.

Wow!