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Today is the first day of summer.  It’s always fascinating to me that the days get progressively hotter for the next three months even though we lose an average of two minutes of sunshine each day from now through the onset of winter.  Alanis Morissette would call that ironic.

Also ironic, today my BFF Jerome Powell said that it makes sense to commence raising interest rates at a more moderate pace starting at the next meeting of the Committee. The FOMC convenes again July 27-28 and with more than a month to go there is a 77% probability that they’ll use the occasion to hike 0.25%. Why Jay, why?

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