Okay, so Wednesday’s FOMC was really, really important. To the point where it requires a full article on it. We spent all of 2022 talking about a Fed pivot, when it will come, and what to buy when it comes. Many investors are taking Wednesday’s FOMC as a soft Fed “Pivot”. And for what it’s worth, I’m inclined to agree with them on this.        

Time to buy stocks and REITs?

That said, whether you buy this “Pivot” is a bit more nuanced. Reason being that for the first time in 40 years, inflation is the limiting constraint. So even if Powell wants to cut rates to zero and go back to infinite QE, whether he can do so will depend very much on the path of inflation going forward. And investing is very much about risk-reward, so we also need...