A few folks here mocked us when we flipped our Fed call back to 50bps last week... We are always clear about the difference b/w what the Fed *will do* vs what the Fed *should do*. We let the evidence drive our predictive calls. When the evidence changes, so do our calls.

Fed's Powell take a bit of a victory lap: “Our patient approach over the past year has paid dividends."

Fed's Powell on future of monetary policy: "We are not on any preset course. We will continue to make our decisions meeting by meeting."

Evercore ISI on Fed rate cut: "The big move out the gates takes out some insurance on the soft landing, is risk on, and should particularly benefit risky assets geared into the cycle, such as small caps, cyclicals, commodities and commodity currencies."

Powell keeps balance sheet actions decoupled from rate cuts, says "we are not thinking about stopping run off" given still large market liquidity.

Fed's Powell on unemployment rate: “Anything in the low 4s is a really good labor market."

Fed's Powell justifies big rate cut: "We don’t think we’re behind...We’ve been very patient...We’ve waited and I think that patience has paid dividends" in the form of clearly ebbing inflation pressures.

Fed's Powell: “The U.S. economy is in a good place and our decision today is designed to keep it there."

Powell is not feeling the multi-part questions today.

People who have apologized: 1) The Facebook poster who started the rumor. 2) The lady who filed a police report on her Haitian neighbors only to find her cat in the basement. People who haven't: 1) Trump 2) Vance 3) MAGA media who pushed the story. mediamatters.org/jd-vance/jd-va…

In a new statement, Vice President Harris says today’s Federal Reserve cut “is welcome news for Americans who have borne the brunt of high prices.”

Very rare and very weird Fender Bass V for sale in Williamsburg. The extra string is a high one, not a low one!

I'd read a story on whether Teamsters are putting some sort of culture stuff ahead of their economic interests in this sort of political tilt.

Material politics obviously still matter but it's an insane example of how much weaker they are in the modern era that Dems are the most pro-union they've been in decades and literally bailed out the Teamsters pension and still can't get endorsed because their members hate woke

The Teamsters thing is another hit to 'deliverism,' the idea that if you deliver economic goods to people through policy, you'll get their vote. The ARP literally bailed out 350k Teamsters pensions. But today's politics is the culture war. democracyjournal.org/arguments/the-…

Under Trump, EPA scientists say managers encouraged them to delete evidence of chemicals’ harms, including cancer, miscarriage & neurological problems, from their reports — and in some cases, they said, their managers deleted the information themselves. propublica.org/article/epa-sc…

NY governor deep underwater with state's voters.

George Washington passionately warned against dictatorship in his Farewell Address (published today 1796): “Domination of one faction...sharpened by the spirit of revenge” would bring "despotism” if Americans sought "security and repose in the absolute power of an individual.”

I feel like I never see the Wall Street blue dress shirt/white collar thing anymore. Did it die along with regular suit wearing?

America's finest power pop group.