I just became a target as the kids wanted to whack me as if I were the piñata. They weren’t concerned about the pain inflicted on me, they simply aimed for my George Costanza oversized wallet to see if a few dollars could be spared.  A disappointment to say the least as no dough sprung. Instead focus shifted to the markets as we awaited The Fed Minutes, to give some insight into their next move. Yesterday the decision came, leaving rates unchanged in the 5.25-5.50% range. This is probably the wisest move as we approach the biggest shopping period of the year.

After some stronger-than-expected employment numbers and Annual PPI up to 2.2% vs (1.6%) expected in September, the fear was they could have moved rates higher, causing more collateral damage in order to reach the 2% inflation target.

Keep in mind, that we will be entering the stretch run before a Presidential Election in 2024. In hindsight, it could be a ploy to give the impression that we will be going from Rags to Riches in the upcoming year and sweep what has happened under the rug. Meanwhile, their solution is to tone down the language as the pompous Central Bankers celebrate lower inflation while predicting no recession. What is a word when a word can convey so many meanings depending on interpretation? I mentioned this previously, they will do and say whatever they need to do, to keep the USD relevant as the benchmark currency even though they know it has ZERO substance. The USD is backed by a government carrying over $31 Trillion in debt.

With wars breaking out, the potential for a Global Depression is a very real possibility. Nonetheless, Oil inches higher toward $84 from the depths of $81/b. Precious Metals Spike as Gold breaches the $1880/oz level and Silver above $22/oz. On the other hand, the USD Index regains a foothold above the 106.30 level while currencies struggle as the flight to perceived safety occurs. The Canadian Dollar is not exempt as it struggles to stay above the 0.73 cent level.