Inflation is not Powell’s main Concern..

He is more concerned that if he does really do something meaningful with his mistake on the quantity and extent of the stimulus he will replace Hoover as the worst depression villain of all time.

The recent push by market players to be long cyclicals and financials and short tech is about to be tested. The economy may be seeing signs of coming weakness. See Atlanta Fed’s latest GDPNow Report:

That was the factor behind our comment yesterday as to our buying of the most spurned tech stock, ARKK. It resides in the domain where the economy and value are not a factor.

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