Good Thursday AM,

Yesterday, Federal Reserve policymakers unanimously decided on a quarter point hike, raising the upper bound of the funds rate to 5.5% — the highest level in 22 years. Chair Jerome Powell left open the possibility of further hikes, signaling that they would be data dependent. Investors are wagering, however, that the Fed has reached the end of its 16-month long policy-tightening cycle — trimming bets on more increases this year.

Today unfortunately is one step forward and two steps back.

Day two of our news trifecta did not really go our way. GDP and Durable Goods Orders blew past any expectations. Maybe the economy is on fire after all (not from my window)…  The ten-year is now at 3.99 and from the charts, could head to 4.10.  Tomorrow we could get really tame PCE inflation numbers though I don’t know how much difference it’s going to make. Not a good day for bonds

Can you believe the Dow’s streak is now up to 13 positive sessions, something Wall Street hasn’t seen since 1987? If it hits 14 on Thursday, it’ll tie a record that dates back to… 1897(!), which wasn’t long after the index’s creation. Right now, its not looking like we will tie the record. The Dow is down 200 points.

Please remain safe and stay healthy, make today great!