June 16, 2021
Good morning,
Today’s superpower summit meeting in Geneva between Biden and Putin is fortunately leading today’s news cycle. The main event today for markets globally is Fed Chair Powell’s 2pm-ish ET news conference following today’s June Fed Meeting. This Fed meeting has been well overcovered already – the Geneva distraction is a bit of a relief frankly.
Interestingly enough, there are some similarities between today’s two big meetings, and the line that runs through them both is – expectations. Political pundits would have us believe that JB and VP will sit together for 4-5 hours in silence or worse, lobbing insults toward each other. The outcome later today will be hard pressed to disappoint. Similarly, for the past week, market pundits have been describing what the Fed should do now – TAPER – and not what they are likely to do. It will be hard for Jay Powell to be viewed as hawkish-ly as markets are primed for. A dove will likely fly above the conclusion of both meetings today. In the end, as is often the case, most of this will be much ado…
Be well,
Mike
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