Good Wednesday morning. We may soon have a Merry Christmas present handed to us by Fed Chair J Powell. Former Kansas City Fed Chair Thomas Hoenig just said (on Bloomberg) that “I’ll be surprised if Fed Chair Powell doesn’t resign from the Fed once Kevin Hassett is announced as new Fed Chair.”

As much as we may dislike Powell (likely the worst Fed Chair of our times and certainly the most political), should he step down as Fed Chair on the news that Hassett is getting the job, the equity and crypto markets would almost certainly spike higher. Powell has kept rates FAR too high. It’s killing the housing market and continues to do deep damage to the second America. Hassett is known as a close ally to President Trump and has stated (often) that he would cut rates aggressively. Because he also understands that economic growth does not cause inflation, once Hassett is announced the US will enter a long-term cycle of lower rates, accommodative central bank policies and sharply higher GDP g...