Market Report 9-23-2026: An Offramp to Gaslighting
It's always hilarious to watch markets go through a cover for action moment when it gets data it wasn't expecting. This morning we watched a massive 10-12 basis point sell off in sovereign debt because the US PMI data came in way above expectations.
We have been so thoroughly gaslit into believing the basic story that "Growth is bad" that any inkling of hope we have for a better future must be smashed out of us by the anticipation of future central bank action.
And that's exactly what this bond sell off this morning was; a glimmer of hope crushed under the maleducation of bond traders the world over. Because the US PMI data was so good that means that the economy (or energy cost push inflation) is running hot and therefore the central banks will be forced (FORCED, THEY SAY!) to raise interest rates further to quell that inflation.
But, as we just saw interest rates and gas prices have literally nothing to do with each other, but because we've been gaslit by grifters and thieves posing as our wise and insouciant leaders who have all gathered at the ultimate conference of such grifters, the UNGA, we have to be punished for our virtue of trying to produce real wealth.
If the economy is growing strong, per the Atlanta Fed's GDP Now (salt to taste), then a massive US PMI beat across the board is predictable. And since there is no global economy without the US economy, US growth is good for everyone, except the sclerotic old colonial powers of Europe and their third-worlder quislings who profit off of our industrioiusness.
You know what I say to that? Bullshit!
How about the simpler model is at play. The US dollar liquidity squeeze is happening this week because Japan has been offline since Friday and we're starting to see what the world needs to do to get those dollars when they can't get them by proxy through their yen carry trades.
Meanwhile, Trump went to said Convocation of Third World Grifters and told them the gravy train is empty, the rivers of liquidity and prosperity flow through our borders, not yours and you can join us or be left behind.
Greenland and Denmark got the message. Hey Canadia, elbows up, eh?!
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