by Turd Ferguson
TF Metals Report
We’ve often documented here the obvious Fed Goon strategy of jawboning and lies in an effort to prompt the “markets” to do what they’d like them to do. The ridiculousness of yesterday may have set a new standard by which future verbal interventions will be measured.
With some time to spare this morning, I thought I would just double back and summarize the events of yesterday:
IT WAS COMPLETE AND TOTAL BS!
So, the world waits with baited breath for Mother Fellen to give her all-important speech at Jackson Hole. The text of the speech was released and Mother began speaking at 10:00 am EDT. The headline-scanning algos had a field day for the first few minutes as the message The Fed wanted to portray was in the headlines. The Pig rallied. The USDJPY spiked. Bonds sold off sharply and gold was clipped for 1%.