With the housing market in freefall, sentiment slumping, earnings expectations plunging, but stocks soaring; Fed Chair Jay Powell better stick to the script today in his press conference - "patient" not "auto-pilot", "patient" not "auto-pilot", "patient" not "auto-pilot", "patient" not "auto-pilot"...

The Fed says economic activity rising at solid rate, jobs strong (labor market strengthened, unemployment remained low), and spending grew strongly' BUT they are now "patient" on the rate-outlook and "flexible" on balance-sheet normalization.

Good luck explaining that bullshit...

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