Good Thursday morning. Heads up; I’m scheduled to be on Fox Business "Making Money” with Charles Payne in the 2PM EST hour. Lots to talk about (as we’ll cover next) and we hope you can join us.

Fed Chair J Powell; A+

Since Powell became Fed Chair (2018) few have been more critical of the jobs he’s done than us. Five major policy errors tends to have that effect. But we proudly give Powell an A+ for both the FOMC statement and especially his presser, where he stayed the course on Fed policy and stuck to the script.

We wrote the following in yesterday’s VRA Letter:

"We think we can save you some trouble and maybe some anxiety…today “should” be a nothing burger….which means the markets should like it. We’ve had only slight misses to inflationary reports over the last 2-3 months, but the key is they were “slight” misses, as the US (and global) economies have remained strong.”

Powell’s focal point was firm; “we will remain data dependent” and when pressed about the potential ...