Shocking Consumer Sentiment Report Confirms Powell's Fears

Once again, the market is moseying along with an upside bias.  I read online an interesting take on the origins of Mosey:

1) could be related to British dialectal "mose," which means to "go around in a  dull, stupid way"

2) could be of Spanish origins "vamos," which means let’s go.

Meanwhile, some heads are on fire, and the experts keep talking about tops and valuations.  Of course, many of those experts have been saying that since  March 2009.

The upside bias reflects what few are saying - the Fed probably will not be dropping any bombs at Jackson Hole and maybe not this year at all. 

In fact, today's shocking consumer sentiment report is the kind of thing Jay Powell has feared.

To see the chart, click here.

The 70.2 read from 81.2 represents the third biggest monthly decline ever.  

The Delta variant, and I'm sure inflation, is a serious problem.  Maybe it goes away, but if it doesn't soon, there is no way the Fed is going to begin tapering.

I know it’s an excuse at this point, but it’s a good excuse for the Fed, and if its good enough for Powell & Co, it’s good enough for the stock market. 

Have a great weekend...wish the summer would stop moseying so fast.