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Both stocks and bonds got hammered today.

And the catalyst for the selling was the release of prepared remarks by Fed Chair Powell that

he was set to deliver later that morning before the United States Senate because there

was a joint conference today where both Chair Powell and Treasury Secretary Janet Yellen

gave remarks to the Senate and were there to answer questions.

And first of all, I never like it when you see the Secretary of the Treasury and the Chair

of the Fed participating in a joint anything because you don't want these two entities

working together.

Now of course, this is what's happened has become commonplace for the Treasury Department

and the Fed to work almost hand in glove as they coordinate policy.

But that is not the intention of the independence of the Federal Reserve.

I mean, what's the point of having an independent Fed if your independent Fed does the bidding

of the Treasury Department?

...