About That Pivot ...

Hadda LOL at these, and who can blame Luongo for taking a lap at this point?

Tom Luongo (Powell's a Baller) @TFL1728

The Architect of SOFR apparently gave this speech today. Just an FYI in case anyone thinks the Fed's about to "pivot"

newyorkfed.orgA Bedrock Commitment to Price Stability - FEDERAL RESERVE BANK of NEW YORK

Tom Luongo (Powell's a Baller) @TFL1728

There's a Bill Hicks routine that reduces this meme to three little words.

The Pivot-Pivot-Pivot drumbeat continues. Bank of England has pivoted, but remember what Luongo says about SOFR—The Fed decoupled, took control of US monetary policy. I’ve seen cries of concern for “our allies”, but … what have they done for me lately? The Fed is pushing “the world” into recession. Hmmmm. Is that a good thing? Gives the ruling class something to think about instead of dreams of subjugating Russia. Restless homies.

Now, this is an interesting one, because Luongo has been pointing out forever that Blackrock doesn’t actually own that much—they have leverage. And they use the leverage to push ESG on corporations. Just a week or two ago Jamie Dimon and others were hauled before a House committee and one of the Squad demanded to know if Dimon was going to do anything for ESG. His answer: Absolutely not! Direct quote. So Luongo is having some fun at the expense of Blackrock’s Larry Fink. If Dimon is backing Powell, who thinks Dimon and The Fed give a rat’s ass about any pain Fink and Blackrock are feeling?

Tom Luongo (Powell's a Baller) @TFL1728

BWAHAHAHAHAHAHAHAHA~! Hey Fink! {CUE Bill Hicks.}

unusual_whales @unusual_whales

JUST IN; Asset managers including Blackrock, $BLK, and Schroders Plc are limiting institutional investors’ withdrawals from some UK property funds after a wave of requests to move money, per Bloomberg.

Again. None of the above is to suggest that Dimon or The Fed are white hats. But sometimes the enemy of my enemy is my current best friend. We shall see. I know nothing—except that there are wheels within wheels.