Powell, the Fed chair gave “tepid” comments today that opened the door a smidge to future rate cuts and that was all that it took. The markets were off to the races, with visions of sugarplums and lower interest rates dancing in their heads. The Dow jumped 800 points to a new high. Worries about inflation, recession or their combination, stagflation, slipped completely from their minds. While Wall Street is not the economy and many Americans see no benefit from its success, as a pensioner, living on a fixed income and my savings, the success of my investments is important to me personally. I enjoy moments like today. They sustain me when things are not going as well, which I try to ignore.