Market panic because of Biden and Powell’s inflation incoherence

That’s why we had wild, nearly 2,000-point swing in the Dow in two days. Up 932 on Wednesday, it closed 1,063 down on Thursday — because Powell conducts a monetary policy that appears to have no firm mission.Does Powell really want to clamp down on inflation that is raging toward double digits and eating away at the incomes of working-class Americans? A couple of weeks ago he said he did, with a vengeance. Inflation is after all the most important part of the Fed’s dual mandate (price stability traditionally comes before promoting economic growth). Stocks began to sell off; bond yields rose.Then Wednesday he revealed that it really wasn’t top of mind and that he doesn’t want to be too hawkish. He favors 50 basis point increases to interest rates rather than, say, 75 basis points.There will also be no massive unwinding of the Fed’s balance sheet, which further reduces the money supply and squeezes excesses out of an inflated economy and speculative markets.

Market panic because of Biden and Powell’s inflation incoherence

Joe Biden to likely avoid IRS audit that could have revealed Hunter income

President Biden is likely to avoid an audit that could reveal whether he made money from his son Hunter Biden’s overseas business dealings — because the Internal Revenue Service has rejected a whistleblower complaint that alleged he owes at least $127,000 in taxes, The Post has learned.The IRS allows people to inform on fellow taxpayers and win a slice of the proceeds — prompting Chris Jacobs, a former Republican staffer on Capitol Hill, to submit complaints against Biden and his accountant, though he said he didn’t want any financial reward.Jacobs shared with The Post a reply from the IRS titled “denial” that explained that the government didn’t use his information.Tax law expert Bob Willens, who teaches at Columbia University’s business school, said the rejection means Biden is likely to run out a three-year statute of limitations, meaning Republican claims that Biden owes up to $500,000 in taxes are unlikely to be resolved.

Joe Biden to likely avoid IRS audit that could have revealed Hunter income