I have a new term for consumers that get beaten-up by The Fed’s massive distortion of markets. I call this being “Powell’d”.
The latest example of consumers getting Powell’d in the University of Michigan consumer survey. Buying conditions for housing just fell to the lowest level since 1982.
Dracula’s enemy Jonathan Harker says that he sees rate hike in late 2022 or early 2023.
“I am in the camp that believes it will soon be time to begin slowly and methodically — frankly, boringly — tapering our $120 billion in monthly purchases of Treasury bills and mortgage-backed securities.”
Here is a photo of Harker with Fed Chair Powell.
