Good Wednesday morning. Heads up: today at 2PM EST we’ll get the Feds policy statement from their two days of meetings, followed 30 minutes later by J Powells presser. The Fed will not take action today to lower rates today, but their comments/guidance on rates will be watched closely. We’ve not been a fan of Powell since the "Q4 from hell" in 2018. He’s the worst Fed chair in our times, with 5 major policy errors since taking the job (from Trump btw). It’s been widely reported that Powell (deeply) dislikes Trump and it’s likely we’ll get some drama from Powell’s presser today. Trump has already started calling on the Fed to cut rates further.

I repeat; we believe interest rates have peaked in the 4.8% area (last 4.53%). It makes zero sense for rates to be sharply lower in Europe, China and Japan compared to the US, and it’s this “gravity of demand” for higher US rates that will continue to push our rates lower. This is a significant positive for the US consumer and US housing marke...