THE MARKET'S HOPIUM ADDICTION

Summary from the TLDR Crypto newsletter

In a recent meeting, the Fed acted responsibly by expressing uncertainty about inflation but may have missed the window to stimulate the economy. This author's biggest fear is that month-over-month inflation will start picking back up, raising concerns about the demand for long-dated US bonds. Current conditions do not bode well for parts of the market relying on abundant liquidity, and a liquidity air pocket will persist until there is better inflation data or the Fed capitulates on its inflation target to support the labor market.