Good Friday morning. The worst week of the year for US equity markets ends today, punctuated by this weeks FOMC meeting/statement and J Powell presser, which...once again...led to a steep sell-off in stocks…Powell’s speciality.

The phase that's made the rounds, with respect to Powell and the Fed’s forecasts, is that they are guilty of “wish-casting”, AKA “making it up as they go along”.

Everyone reading this will remember the Fed’s nonstop, nauseatingly-wrong forecasts of Q1 2022 that “inflation would be transitory”.

You’ll have to forgive us for doubting the Fed’s latest predictions that we’ll have only two rate cuts in 2024 (vs their June forecast of four) and that rates will be “higher for longer”.

However, we do agree with the Fed on their discovery that “the economy is stronger than we thought it would be”. 

As we’ve covered in these pages often, and in our book “The Big Bribe”, with thanks to the Trump Economic Miracle (tax cuts, 1000 cuts to regulation and America...