19th December 2024 > > Crenshaw is a goner.

tl;dr

Crenshaw is a goner. Yippee! The world’s most important central banker fails the test once more.

Market Snap

Market Wrap

Jerome Powell, Chair of the Fed, decided to have a little fun at everyone’s expense by threatening only two interest rate cuts in 2025 and not the three that the markets expected. It’s odd that anyone takes any notice given his desperately poor track record over the last few years, deliberately trashing his mandate by turning on the printing presses whilst supporting closing down the economy. It’s also a strange way of getting your kicks, but I guess it takes all sorts. The sooner the Fed returns to its only true business of being the lender of last resort, the wealthier we will all be.

Meanwhile, BTC breached $100k to the downside yesterday. Though most unwelcome, it was a brief dip that soon got bought back. Another cohort of leveraged longs got taken out, which is no bad thing. They will all be back soon enough, gambling away to what end I just do not know.

Occasional Series – Think of the Grannies is all

https://open.spotify.com/artist/74EIELnQ5jMVZwNtrRynPo

Occasional Series – The ‘70s are back

And I don’t mean my flares which are original, and are still going strong today. Nope, stagflation is making a most unwelcome comeback in the UK, and that is unlikely to be a good thing for anyone who doesn’t already own a lot of hard assets, preferably those that are mobile for obvious reasons.

Curious Cryptos’ Commentary – Crenshaw

It has been confirmed that Crenshaw (the only SEC commissioner to vote against approving spot BTC ETFs) will no longer be put forward for renomination to the SEC despite Biden’s insistence otherwise.

The original vote was postponed (https://www.curiouscryptos.com/post/13th-december-2024-crenshaw-trump) and now it will not take place at all. Huzzah!

Notwithstanding the perverse pleasure that Powell takes in hurting investors globally, all we see is just more good news after more good news. How long can this last?