Clueless

TS Lombard's macro guru Steve Blitz on yesterday's Powell testimony: "...a 50BP hike next week is on the table. This is tacit admission that the downshift in hikes was a mistake. They slowed thinking they were closing in on the peak rate. They are, in fact, no closer to understanding where the peak rate resides than they were a few months back, because they have no idea where disinflation will settle without a recession." All eyes on Friday that could "...flip the narrative yet again."