The Peter Ships Show.

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Peter.

Today we had yet another of what the media had been building as the most important Fed

press conference ever because this was the conference where chair Powell, the magician

that he is, was going to magically transform himself from a dove into a hawk.

The reason for this miraculous transformation is that the inflation numbers were getting

hotter and hotter and hotter and in fact, Powell himself had already retired a term he

never should have used in the first place and that's transitory from his vocabulary.

So he's no longer referring to inflation as transitory.

Therefore, it's not transitory, it's permanent and now the Fed can't hope that inflation

goes away on its own.

The Fed actually has to do something to put out the fire and that's what people were expecting.

That's what they were bracing themselves for.

In fact, the stage for today's magic act was actually set yesterday when we got the

release of the much hotter than expected, produce surprise numbers for November.

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