Summertime. The 4th of July had it’s parades and fireworks. One last time, Happy Birthday America.
Speaking of fireworks, the biggest loser in the major city fireworks display competition has to be Philadelphia. On one of the television channels, Philly had the unfortunate luck of following the New York City fireworks show. Wow! NYC crushed it with a massive and impressive display. After that, it looked like Philly just popped a couple homemade sparklers up. Sad.
Almost right on cue, Elon Musk announced he is forming a new independent political party; the America Party. This is what happens when a “unique” billionaire like Musk has a tiff with another high ego billionaire who happens to be President. Musk claims he can finance the new party which says it will be pro gun, pro bitcoin, blah blah blah. In other words, kind of what Trump is for but only better. So there. My party will be better than yours. Of course Elon can not be president having been born in South Africa, so polish up those resumes. Oh, don’t forget to hide your Tesla’s.
With the first full week of July under way, let’s remember its “Tariff Week”…….again. Or, is it? Big tariffs (like, 70% or 40%. or ????) were supposed to be applied this Wednesday (July 9th) but now changed to August 1st or a new date to be named later. By now everyone should know that those higher tariffs will never be implemented but it’s fun to see financial markets twist and turn.
Turning our heads to interest rates, it looks like Federal Reserve Chair J. Powell isn’t having a fun summer. Resisting calls to lower interest rates (gotta be vigilant, check the dot plots, blah blah blah) the President wants him to step down. Get out. Quit. Hello Scott Bessent, the current Treasury Secretary. Meanwhile, J. Powell has to suck it up and ignore the name calling (idiot, moron, incompetent, worst Fed Chair EVER) while trying to enjoy the summer.
Now, throw in some wars and possible Iranian sleeper cells ready to execute terrorist attacks and summer is almost complete. Cease fires abound (on and off) rogue missiles seem to fly at will and nothing seems to actually change (except Iran can’t have its big bad bomb….for now anyway). Financial markets are unfazed. By the way, if there is a terrorist attack, hang at the pool. Terrorists never attack swimming pools.
So what could possibly be next? With Elon, Trump, tariffs, Iran, etc etc its hard to tell. But, rest assured, there will be a “what’s next.”
