I was going to write about the FED, the likely coming change in their policy and a possible change in FED leadership. In doing so I am also going to address an ongoing “conspiracy theory” that might come into play as well. This week Chairman Powell held the line on his ridiculous narrative of inflation being transitory. I believe he will start to modify that over the following timeline. The last week of July will be a FED meeting and the first small hints of a moderation of doveishness should appear. Because the Jackson Hole meeting in August follows shortly after the July meeting, I believe July has no press conference and no questions. The Jackson Hole meeting will be when the Taper plan gets laid out and they probably won’t start it until a few months later. The interesting thing that will be happening shortly after Jackson Hole, is the appointment of a new FED Chair. There are I believe three possibilties(one of which ties in with the conspiracy theory) We could see one of two people named as new FED Chairman depending on if Biden is still in the White House or if the Comma has replaced the Asterisk? If Biden is still calling the shots(as a puppet naturally) then Lawrence Summers is the likely replacement. He has coveted the job and was the likely successor to Yellen if Hillary had won in 2016.(He has been the only Dem to recently argue that inflation was not transitory and is looking to set himself up as Paul Volker lite). If the Comma has taken over by early Sept. it is possible that the other Dem who has actively been campaigning for the FED Chair  (uber dove Neel Kaskari) gets the nod. Here is the third possibility and might explain why former President Trump has supposedly told insiders he will be reinstated to the Presidency by August. He would probably but not neccesarily, reappoint Powell to a second term.(Any attempt to change to someone more monetarily responsible is unlikely with the Dems having the VP to break a tie in the Senate and Trump likes easy money anyway).