MARKET RECAP

• US stocks +2.25%, international +0.76^%, bonds +0.74%, bitcoin -8.2%.
• Powell said the Fed is still on pace for three rate cuts this year. This is despite higher-than-expected inflation numbers in each of the last two months. It’s like he wants to make a point that three cuts are coming, no matter what. I don’t get the rush.
• Of course, markets rallied on the news.
• The 2-year and 10-year treasury yields have now been inverted for about 430 days, the longest streak ever, and still no recession. Everyone was certain the inversion would lead to a recession, but not yet.

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