Today's market action just made me laugh.

Fed Chairman Jay Powell and His Merry Pranksters did good work to soothe the risk markets today, doing their required 25 bp rate increase, but wrapping it well and tenderly with whispers of all the right dovish nothings.

But alas Yellen, the Iron Banker, responded to the Congress today that there were no formal plans to backstop the entire banking system by insuring all deposits fully.

Which by the way would require an Act of Congress, as if.  

These jokers are too busy trying to take away food relief for the hungry and any hopes for decent healthcare at affordable prices. 

And so after the warm Fed afterglow, the risk markets headed south in what might be termed as a 'fit of pique.'   Or  a 'hissy fit.'

Les enfants terribles of the financial system, the Banks, led stocks lower.

The Dollar dropped.

Gold and silver rallied higher.

VIX rebounded.

Let's see what tomorrow may bring.

Have a pleasant evening.

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