Friday, November 3, 2017
Is Janet really gone?
Or cheap parlor appointments to conceal your true identity, Janet...
Surely a man who spends his nights scrambling between hating big ugly bubbles and feeling very honored at all time highs wouldn't begrudge me dual mandates...
Anyway as usual the venn diagram overlap of the people who care about Janet/fed balance sheet/rates/VX and people who remember the Batman Begins party scene is probably under 1, so another post another 5 followers lost. For the rest of you though (the less than 1), I think the Jay Powell appointment is pretty good for the short VIX crowd in the sense that he basically is Janet, just without the face that works with every move poster (so I don't know what I'm going to do..)
Here was an overview of some of his quotes per policy and this is as Janet as it gets among the other fed chair "candidates"
The broader theme we come back to is again the SPECTRE/ League of Shadows in the sense that its clear change was never an option, whatever rhetoric from any side is the loudest and most distracting won't impact the true gears of the system which seem to be much lower longer term interest rates and thus cheap money/ increasing equities/ contracting VIX futures. When a drastic or even slight change in the Fed's direction isn't possible in this environment where candidate Trump called out my baby Janet, then I don't know what you are hoping for if you really think this ship can change course.
So Ben, Janet, Jay, it really doesn't matter. The concept of Janet is immortal, the League of Shadows will always return.