The market is broken:
— The Kobeissi Letter (@KobeissiLetter) October 22, 2024
Interest rates have gone in a literal STRAIGHT-LINE higher since the Fed cut rates by 50 bps on September 18th.
The average 30 year mortgage is about to cross back above 7.0% for the first time since July.
What happened to the "Fed pivot?"
(a thread)
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The market dictates interest rates not the Fed! IOW- The tail wags the dog.