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Powell's reassuring words to the Congress helped to propel the mispricing of risk in the equity markets to new highs.

Tell us what we want to hear. Prophesy illusions.

Gold and silver initially rallied but then were sat on and held to minor gains.

VIX wallows.

CPI data tomorrow, PPI on Friday.

Endless fraud, and endless war. 

After the bell:

"Archegos Capital Management founder Sung Kook "Bill" Hwang was convicted of fraud and other charges by a jury in Manhattan federal court on Wednesday at a criminal trial in which prosecutors accused him of market manipulation ahead of the 2021 collapse of his $36 billion private investment firm.  The jury found Hwang guilty on 10 of 11 criminal counts and Patrick Halligan, his Archegos deputy and co-defendant, guilty on all three counts he faced."

and,

"U.S. bank regulators fined Citigroup $136 million for failing to make adequate progress fixing data management issues the agencies identified in 2020, the Federal Reserve announced on Wednesday.  The joint enforcement action from the Fed and Office of the Comptroller of the Currency (OCC) relates to 'insufficient progress' Citi has made fixing data management problems and implementing controls to manage that ongoing risk."

Pride and plunder, fraud and the mispricing of risk, are the prevailing themes of the masters of the universe.  

"The wealth of another region excites their greed; and if it is weak, their lust for power as well.  Nothing from the rising to the setting of the sun is enough for them.  Among all others only they are compelled to attack the poor as well as the rich.  Plunder, rape, and murder they falsely call empire; and where they make a desert, they call it peace."

And our leaders praise the servants servants of Moloch, applauding wildly, with innocent blood on ringed hands.

Until the mountains fall on them.

Have a pleasant evening.

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