I’m more convinced of this. Last Saturday, I sat down at my office desk, finally took time to read Fed Chairman Jerome Powell’s latest speech – which I highly encourage you to read – on his inflation and interest rates update. He said he will slow down the rate hikes from this month onward. But also stressed rates will remain high in the near future. This is to fight against the worst inflation in 40 years. At one point, I struggled with making out how the market will play out. Now, was I more certain. According to Powell, he said: “It will take substantially more evidence to give comfort that inflation is actually declining. By any standard, inflation remains much too high.” What he talked about was the core PCE inflation – which tracks detailed numbers like employer contributions and sources data from businesses. The PCE is a preferred inflation indicator than the CPI. While inflation have dropped somewhat, last...