I started drafting this update Friday morning in London, with U.S. futures massively down.  And then – like magic – the U.S. stock market opened slightly better, bounced around all morning, and then headed higher during the afternoon.  These are crazy times!  Above are some of the headlines that have appeared the last two days in # Bloomberg and the # FT .  Over-valued equities and concerns about A.I. have been present for some time, but the last two headlines regarding cred

The Fed finally cuts the Fed Funds rate and moves to an easing path which shockingly (sarcasm), gave equity investors another reason to send stocks higher. Treasuries though said "meh", and yields even rose at the long end of the curve.

Rather uneventful week in markets although equities generally better and yields a touch wider. Focus was on Jackson Hole, NVDA and rates.

Don't look to fundamentals to explain equity prices today – look to attitudes embedded in acronyms. And don't forget the super-easy Fed!