Quiet But ….

With passage last Friday of the Administration’s Inflation Reduction Act, political focus will be still more monomaniacally fixed on what the economy actually does between now and November.  The White House is reveling in lower gas prices, Republicans are pointing to higher prices for pretty much everything else, and markets have turned from their obsession with each Powell pronouncement to what we think is a rather unhealthy fixation on the mountain mutterings throughout Jackson Hole later this month.  Still, there’s some business as sort-of usual.