The Correct Stance for 'Forcing Powell'
M2 is approaching historical highs, leading to a pullback in gold prices. Bitcoin and U.S. stocks, aided by the outflow of funds from gold, are 'waiting for an opportunity' to rebound. Risk assets still face uncertainty ahead of the FOMC meeting on the 7th of next month. The rapid rise in M2 at the possible end of the QT cycle is accelerating the depletion of the already tight balance sheet of the Federal Reserve. This is the correct stance for 'forcing Powell'; Uncle Trump is not so foolish as to think that a couple of loud shouts will make Powell yield.