I have no idea idea what that title means but I am reminded of a time in college when I had the chance to hear Vasily Aksyonov speak.
For those of you who do not know, Aksyonov was a great Russian author who penned a book called The Island of Crimea. This is top notch reading you’ve probably never heard of, btw, especially for those of you who are interested in dystopian literature with this whole Snowden/NSA thing.
Aksyonov, a Russian then living in Washington DC, remarked that no country reminded him of the USSR more than the US. I don’t think I fully got that at the time but now as I sit thinking about the Fed’s proximate move, I think of his words.
I am looking to see if the Fed steps up the dovish propaganda this week or soon. This will tell me a couple things.
1. If we start hearing dovish chatter from the Fed, it means they are at least concerned by the accelerating rally in Treasury yields.
& 2. If bonds fail to rally on such chatter, then the Fed is at least temporarily impotent.
Dasvidaniya comrades…