The Dow Jones Industrial Average fell more than 1,000 points on Friday, caused apparently by Fed Chairman Jerome Powell’s attempt to use a brief speech to channel the ghost of Paul Volcker.

One thing we must remember when looking at economic data, is that everything is distorted. The US (in fact, much of the world) panicked in 2020.

With less than three months left before the 2022 midterm elections, it is officially silly season when
it comes to interpreting economic reports.