Powell says: It's time

• Currencies & metals rally on Friday.

• 818,000 falsely reported jobs... I told you they were crooked!

Good Day... And a Marvelous Monday to you... Well, with the help of a a 9th inning error by the Twinkies, my beloved Cardinals won 2 of 3 from the Twinkies... They also won 2 of 3 from the Brewers, so that's two series in a row they have won, and against teams with better records... What's going on here? Do, my beloved Cardinals have a late season run in them? I doubt it, because their offense is so unpredictable... The warmer weather returned to the MidWest this past weekend, but I needed some Vitamin D, so I sat outside to read yesterday, and let the warm sun bake me... I have no doctor appointments this week... YAHOO! I'm still battling a cold, but I think I'm on the back side of that now... I get to hear my fave Chicago song to greet me this morning: Hard Habit To Break.

Well, the dollar got sold down the river on Friday, after Jerome Powell's speech at the Jackson Hole boondoggle. In that speech the door to rate cutting was pushed open, and that got the dollar sold to the tune of 6 index points in the BBDXY... The BBDXY ended the week ar 1,223.... And now the euro is within' spitting' distance of 1.12... Gold gained $27 on the day, and Silver gained 85-cents. So Friday was a good day for non-dollar investments... Oh, and was that me that told you all to back up the truck to the dock and load up with currencies and metals last week? By Gosh, By Bolly it was me! Gold closed on Friday at $2,513.70, and Silver Closed at $29.88... Don't worry, Chuck goes all 9 yards on The Fed Heads, later in the letter today.

The price of Oil ended the week trading with a $74 handle, which hadn't moved now for 3 days... Is this a level that Oil traders are comfortable with? It sure appears that way... The 10-year Treasury ended the week with a 3.80% yield...  I would expect that the 10-year's yield will see some downward pressure as we go forward.

In the overnight markets last night... The dollar got bought! Now, isn't that a little bit suspicious? The BBDXY is up 2 index points to start the day/ week this morning... I've got to meet the boys and girls that bought dollars overnight, and ask them what the hell they are thinking? Ok, the new email server that I use has implemented a new program that detects the tone of your writing, and suggests how it can be calmed down... So, it highlighted the last line about meeting the dollar buyers, and I told it not now! The euro, which was up to 1.1198 on Friday, has slipped back to 1.1152 to start the week today, and the rest of the currencies are all falling in line with the Big Dog, euro.

Gold is up $10, and Silver is up 18-cents to start the day/ week this morning in the early trading... See? The rallying dollar didn't have anything to do with Gold's rise today... I just don't think the two are correlated any longer... The price of Oil has bumped higher to trade with a $76 handle, after an oil tanker was shot by the terrorists, and exploded at sea... This just reminded the Oil boys that there are major risks in shipping Oil.... And the 10-year starts the week trading with a 3.81% yield.

Circling back to the dollar rally overnight... You don't think the PPT is at it again do you? It sure looks like that to me, as you would have thought going into last night's trading that the dollar was on tenterhooks, the old Dollar Index was in trouble and looking like it might fall below 100, but out of the blue, came a dollar rally... Sure, it could be traders saying the dollar was oversold, but I don't think it ever got to that level... The dollar was on tenterhooks, but certainly wasn't oversold!  

Well, Jerome Powell, the chairman of the Fed/ Cabal/ Cartel, had this to say last Friday at the Jackson Hole, Wy, boondoggle... "The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” he said in his remarks."

Sounds like he has given the all clear signal to the markets that the Fed/ Cabal/ Cartel will begin to cut the Fed Funds rate at their next meeting in Sept. As you can imagine, I have major problems with this call to cut rates at this time... Granted it will be good for Gold, but other than that, the re-inflating of the economy is in the cards here folks... Shoot Rudy, his sound was so dovish the markets are now calling for a 50 Basis Point cut! Aye, Aye, Aye.

Plus we have stocks at all-time highs... Housing and rents at all-time highs, and food at all-time highs... What in tarnation does the Fed/ Cabal/ Cartel, think is going to happen to these items? I just don't get it folks... Of course, I'm looking at this logically, and the Fed Heads, probably didn't look at it all! This is not going to work our for you or me, very well, I'm just saying.

All they saw was the BLS announcing that they had falsely added 818,000 jobs this year... YIKES! Ok, now, I've been proven to be telling you the truth each month, as the BLS adds jobs out of thin air, to the surveys... Which are taken for a reason, but often forgotten by the BLS... So, the current administration has egg on their face, along with the BLS on this... But it did one thing, it spurred the Fed Heads to say they will cut rates soon.

I don't think the BLS is allowed to get off the hook so easily here... They lied, and cheated, and finally had to come clean... All for what? So, the POTUS could claim he had the best economy because of the job gains? I don't think we'll hear of that any longer this year.

Wanna bet that the next Jobs Jamboree will look quite different?  

The Commerce Secretary, Raimondo, said that she wasn't aware of the BLS report, and that it was Trump's fault... OK, I'm not kidding here folks, the BLS which is a division of the Commerce Dept. and the Boss, isn't aware of them? Talk about the new way that kids don't accept blame and it's always somebody else's fault! 

I'm at a loss to explain how dumb these Gov't people are... I know it's not nice to call people names, and accuse them of being a tassel short on their oxfords... But this example of ineptness, is just too easy for me, a lay-up if you will... And besides, when they say things like that, they deserve to be called dumb!  

So, welcome to a new round of inflation that will most likely be stronger than the first run... Shoot Rudy, the markets are already pricing in a 50 Basis Points Rate Cut... See? Give them an inch, they'll take a yard.

I've got to get away from this right now... I'm going to go yell at the walls.

Ok, I'm back now... Kathy yelled downstairs and asked me if I was alright? HA! I told her no... But there was nothing she could do to make me better, with all the numbskulls in the Gov't getting to hold their jobs! 

The U.S. Data Cupboard this week is really lacking for real economic data... We do see the Durable Goods Orders for July this morning... So, we have that going for us... And then we have to wait until Friday, when the PCE inflation calculation prints...  There are a ton of Fed Heads speaking this week, so look for more confirmations that the Fed Heads are ready to cut rates at their next meeting... 

To recap... Well, where to start? Fed/Cabal/ Cartel Chairman Powell, set the gears in motion toward a rate cut at the next meeting at his speech at the Jackson Hole, Wy. Boondoggle... That was especially after he saw that the BLS admitted that they lied, cheated, and showed 818,000 jobs this year, that weren't really there... And 818,000 revision is NOT a rounding error folks! It shows the utter disregard that the BLS has for the integrity of reporting proper numbers each month! And the Boss of the BLS is another dolt!  So, Chuck calls out Powell, and the Fed Heads for cutting rates at this time... And the BLS... And anyone else that got in his way this morning! 

Here's your snippet: "Chicago Federal Reserve President Austan Goolsbee on Friday indicated he backs reductions in U.S. interest rates and said "we are not just fighting inflation now."

With inflation slowing toward the Fed's 2% annual goal, Goolsbee said interest rates are the most restrictive in decades in an interview with CNBC. That's economic lingo for interest rates being well above the rate of inflation.

The high level of rates, he said, is putting stress in the economy and has created weakness in parts of the jobs market.

"There are concerned warning signs about part of the labor market," he said, referring to a rise in unemployment to 4.3% from 3.4% a year and a half ago.

While Goolsbee would not commit to a specific level for the Fed's benchmark short-term rate, he pointed out the Fed's own forecasts show "multiple cuts" over the next year.

Goolsbee has been the most prominent voice among top Fed officials warning about keeping interest rates too high for too long and potentially jeopardizing the health of the economy.

Yet the economy grew at an above-average speed of 2.8% in the spring and it's on track to expand about 2% in the soon-to-end third quarter."

Chuck again... Well, Mr Goolsbee, I ask you this.... Do you want to promote bubbles, or protect the U.S. consumer? You, sir, are a bag of beans, and don't know what you're talking about... Sure, the economy is weakening, but we need a recession... A clearing of the excesses that we haven't had in ages! Well, since your troop of feed the bubbles team, has been in charge and won't allow a recession...  I shake my head in disgust.... the email program just asked me again if I wanted it to calm down my writing? I said, no thanks! 

Market Prices 8/26/2024: American Style: A$ .6773, kiwi .6202, C$ .7409, euro 1.1152, sterling 1.3193, Swiss $1.1796, European Style: rand 17.7458, krone 10.5394, SEK 10.2419, forint 353.96, zloty 3.8366, koruna 22.4317, RUB 92.00, yen 144.13, sing 1.3031, HKD 7.7956, INR 83.90, China 7.1223, peso 19.20, BRL 5.4907, BBDXY 1,225.22, Dollar Index 100.80, Oil $76.67, 10-year 3.81%, Silver $30.00, Platinum $974.00, Palladium $966.00, Copper $4.27, and Gold... $2,523.33.

That's it for today... Well, I'm finally beginning to feel a bit stronger, each day... I'm still sleeping a lot, but I'm a true believer that your body tells you when you need to sleep... I think by the end of the week, I should be good to go again! Unless I get another relapse! UGH! I do go back to my oncologist next week, and I'll find out then if my blood levels are returning to normal... I haven't been on chemo for a month now, as chemo will lower one's blood count, and they don't want me on chemo, while the blood levels were so low... that just means the tumor in my jaw is growing again... UGH! one problem begets another one... Oh well, c'est la vie! Tommy James and the Shondels take us to the finish line today with their great song: Crystal Blue Persuasion... I hope you have a Marvelous Monday today, and please Be Good To Yourself!