💥A Late Summer Wave💥

Filings! LL Flooring, Blink Fitness, Vintage Wine Estates, Aztec Fund Holding, DRF Logistics

Summer marches deeper into the dog days, the mercury breaks 100 below the 28th latitude, and Chairman Jay POW-ell of the Federal Reserve and his merry men (and women) are off to Wyoming for the Kansas City Fed’s annual Jackson Hole Economic Symposium. 

Besides our man POW-ell, there’s “dozens” of central bankers, policy makers, academics and economists making the trip, private jets spewing carbon over the Dakotas. A cynic might describe the Jackson Hole conference as a Bilderburg for the new world: shadowy elites plotting the next steps in their program of world domination. The ostensible topic, you’ll see above, of this little tax-payer funded junket is to “[Reassess] the Effectiveness and Transmission of Monetary Policy.”

That’s all very well. Better entertainment might be the central bankers donning boxing gloves for a little “Fight Club” behind the barn. We hear, after all, that POW-ell is partial to the periwinkle blue but we may be mixing up our boxing Brad Pitts. Still, much like Mickey in Snatch, the Fed always be plotting only lately it’s not dot plotting, it’s plotting a victory lap of some sort. Because it has TRIUMPHED! Managed interest rates can cure all the economy’s ills! Banksters and PE Bros: proceed to the Hampton Jitney without a care in the world; park a couple of misanthropes on the desk to watch the tape and lob a Nerf football around the trading floor. Because the economy is doing just fine, per Johnny’s mancrush extraordinaire, Dr. Torsten Sløk of Apollo Global Management, whose beautiful charts we always applaud: