A JACKIE MASON MARKET

Jackie Mason was/is one of the most outrageous, funniest men around.  A rabbi, and a Tamudical scholar, it is never the answer that counts but the question and the discussion of the same.  Jackie could go on for hours and the result to the questions he asks is always, "Who knows?  I don't know."  By this time the question has been forgotten but tears are rolling down your cheeks.

The Fed did exactly what the Fed Was supposed to do and what everyone wanted them to do: raise interest rates modestly and indicate that route would be the one followed in the future.  The reaction? Equities rose as one would expect but so did bonds which is a bit odd. Why?  Don't know.   Janet flat out said the economy is "doing well."  Yield curve didn't move at all at the long end; slipped on the ten year.  Financials were weak.  Howszat?  Everybody is supposedly short bonds, but with this kind of report nothing happens?  Why? I don't know.  Sell the damn things; rates are going up unless there's none left to sell.  Can that be?  I don't know.

Somewhere in this grab bag of goodies it seems to me that there has to be a booby prize called inflation and if there isn't we're looking at a economic sweet spot the likes of which we haven't seen in a long time, but if there is might the Fed be a bit behind the curve already?  And if it is, what happens when they play catch-up?  I don't know.  But the feeling seems to be make hay while the sun shines which, as I keep reporting, is the attitude in the Fly-Over Zone.  Smiles all over.  Donald Trump for King!  I'm not kidding, they love the guy.  Who knew?  I don't know.

Meanwhile, Over There, the Rotterdam Dutch seem to have rejected the nationalistic pleas of the far right with early exit polls showing a plurality for the center right BUT there is no doubt that in order to get that result Prime Minister Rutte had to move considerably to the right in his rhetoric.  Wilders seems to have polled a bit below predictions but he will remain a factor.  The real consequence is yet to be seen and that will not come for another month when the French engage in their scheduled political blood-letting.  If the consequence of forming a government in Holland is stepping aside of Mr. Rutte...well, who knows?   

Anyway, today seems to have been a good day pretty much all around.  We clearly have a burgeoning economy and the terror that was creeping over the Euros seems to have been calmed a bit.  Who knows, maybe we just have to worry about Greece, and the Italians and Angie getting beat and...  Time to call Jackie perhaps.  Maybe he knows.  Idon'tknow.