8/17 Recap. The Fed Minutes Show An Iceberg Ahead.

While most of the talking heads on tv point to the fed minutes being from last month and not really meaning much, I think one has to look deeper into the things the fed was saying even then when the market was in dire straits. We had some officials say policy rate would need to be at a'Sufficiently Restrictive' Level To Control Inflation and remain there 'for some time'. Basically at this juncture the fed has no options, they can either ignore inflation and stocks will keep rising higher while everyone cheers but that’s a little like Nero fiddling while Rome burned.