Good Morning on this best day of the week Wednesday,

Today is the second day of Chairman Powell’s semiannual congressional testimony on the state of the economy/monetary policy. His message is simple. The Fed will act as a back stop for however long and with however much capital is needed to support the entire economy. Individuals, companies, municipalities… all of us under one big Fed umbrella. The two concerns are, of course, 1) as is always the case, duration (and we are going to be in this soup for a long time to come) 2) who is going to pay for it? The Fed will, by necessity, keep rates low just to work itself and the Treasury out of the 4 Trillion dollar (and growing) debt load. Equities are for them most part, flat (actually bouncing from positive to negative). Bond also flattish. The 10-yr at .75.

Not much else to share today.

Please remain safe and stay healthy, wash your hands often, make today great!