fort sumpter
market vibes
November 8 …)
“Never cut an hourly worker before you deal with the headquarters staff.” Al Dunlop
In the news
Political cannons fired on the President Elect in the middle of the Powell press conference yesterday as a reporter from Politico asked Powell if he’d step down at Trump’s behest. I was surprised when I heard her identify her agency because I can’t recall Politico reporting from an FOMC presser before (I could be wrong). Her question seemed scripted for the Friday news cycle and low and behold Bloomberg’s lede this morning (image below) at the top of its “most read” items. And it is my sniff Powell knew it was coming. Yesterday I wrote: “[There is no question] about his tenure until May 15, 2026 (so the question needn’t have been asked at all). It is entirely about which political camp he is in. It’s time to show your cards.” So there it is.
In the markets
Trump’s DJT has fallen 42.5% since Oct 29 in just 7 sessions because he won? That makes sense.
We’re going to do a check down in weekly data this morning to tie things together…
