This is a U.S. market wrap up today from Florence, Italy on Wednesday, October 2nd, 2019. With the stock market starting the month of October on the wrong foot I thought it was appropriate to do a late report from Europe on what I think about the markets and what we could see going forward.
In this report, I talk about how I think what we are seeing now in the markets and the economy is not surprising as I think the Federal Reserve has become a victim of its own propaganda or MOPE which stands for Management of Perception Economics.
My conclusion is that the U.S. Central Bank has been trying to fool investors and the public into a false sense of security about the economy and that they have not also been totally honest about economic conditions. What this strategy has resulted into is that they were forced to start raising rates in late 2015 as their narrative that the economy was doing great was impossible to maintain with rates near zero a huge balance sheet.
The unravelling that I think we are seeing in the markets and the economy at present is a direct consequence of their rate-raising exercise from 2015 to 2018. The unconventional policy of zero rates and money printing in the aftermath of the 2008 Crisis is one that is most probably impossible to unwind.
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