There is a wonderful song from the tumultuous 1960s by the band Buffalo Springfield that is so apropos for the financial markets over the last two weeks (staying away from Kabul). The lyrics for the first two verses describe the situation for investors as we approach the tectonic plates of monetary policy that have provided the Kansas City Fed Symposium at Jackson Hole with its heightened significance. Several keynote speeches revealing policy changes have been delivered to this August group.
“There’s something happening here ,But what it is ain’t exactly clearthere’s a man with a printing press over there, telling me I got to beware“There’s battle lines being drawn,nobody’s right if everybody’s wrongYoung people speaking there minds,Getting so much resistance from behind”