After Yesterday, Less of a chance Powell finishes his term. And Reflective Pic.

After yesterday’s meeting between the President and Fed Chair Powell, the anticipated fireworks didn’t quite materialize—but make no mistake, Powell’s days may be numbered. What that means for rates? We don’t know yet, but the implications could be significant.

Durable Goods Orders dropped 9.3%, but don’t let that headline mislead you, it’s almost entirely due to last month’s spike in large aircraft orders. Context matters.

Looking ahead: next week brings some heavy hitters, Jobs numbers, Q2 GDP, and PCE inflation. Markets are watching unemployment closely, with expectations for a slight uptick from 4.1% to 4.2%.

Found this image yesterday, worth a pause. A reminder to consider the gap between how we project ourselves and who we truly are.

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