Powell Knows "Damn Well" Rates Must Rise Above CPI To Kill Inflation
Powell has to "break the economy to fix it", Kenny Polcari says. The 38 year market veteran offers up his take on this week's Fed move and subsequent trading.
Friend of Fringe Finance and well known financial news contributor - as well as 38 year veteran of markets - Kenny Polcari has been kind enough to share his most recent thoughts on the market with our readers.
I’ve been lucky enough to be friendly with Kenny for about a decade now, and he was the first guy to ever take me on what I can only describe as an unauthorized tour of the NYSE trading floor, where I got to personally tell several confused specialists and market makers that the Chinese names they were trading were frauds that didn’t even exist.
The tour didn’t last as long as I would have liked, to say the least. But I’ve always appreciated Kenny’s willingness to welcome people into his busy world for nothing in exchange, and his decades of experience, which gives you a pulse on markets that only time can help you recognize.
For those who aren’t familiar with Kenny or don’t recognize him from TV, he is Managing Partner of Kace Capital Advisors and Chief Market Strategist at SlateStone Wealth. He started his career on the floor of the New York Stock Exchange (NYSE) as an institutional broker back in the early eighties when the march of electronic trading was already taking its first steps, and the great bull was first learning to run.
Here’s his take on markets heading into the Friday, November 4, 2022, trading day:
The post has been lightly edited for punctuation and grammar.
Kenny On Where Markets Stand
So the hysteria created on Wednesday was a bit muted on Thursday and while stocks started out weaker – they did find buyers and attempted to rally a bit only to come under pressure again as the algos continue to sell them off.