While it really was only a matter of time before Jay Powell and the FED went from their nearly six month pause from their last rate hike to beginning the cycle of rate cuts the question is why did they lay out the plan last week? Most thought they would stick to their narrative at least until the first meeting in 2024 where they then could have revealed the dot plots and the likely plan of coming cuts. While I personally expected most of what occurred(I thought something behind the scenes might lead to an emergency cut) I didn’t know what the specific reason was. I believe that still may be the case but the actual reason for getting out in front earlier then he planned was because of the release of the post and video of “The Great Taking”. Could you imagine a cascading collapse of both the stock and bond markets and a bank run on top of that as people realized they no longer legally own any of these assets. It would have been a complete disaster and they needed a distraction to change the narrative. I think it hit a nerve and held so much truth that the FED needed to give a shot of adrenaline to the bond and stock markets. It worked, but for how long? As with adrenaline the patient jumps up out of a comatose state and runs around for a brief time before collapsing from exhaustion. The calendar gives us a likely window for when the adrenaline wears off. January 2nd when the markets reopen for the New Year should be quite revealing as to whether the patient has survived for more than just a couple of weeks?