How Tech Could “Snooker the Fed”

Next week’s Fed meeting probably won’t change rates. That doesn’t mean the words around the decision won’t move trillions. Today’s Peoplenomics looks at why the Fed may be reading the AI buildout exactly backward—mistaking construction spending for proof that the promised profits will ever arrive. The ChartPack adds a second warning: tech has lost relative strength, the Aggregate is compressing inside a flag/pennant, and the next break may decide whether we get one last blow-off—or begin the larger fall.

We also put a circle around the calendar. Tisha B’Av begins at sundown Wednesday, carrying centuries of historical and religious voltage into an already active Israel-Iran war. Then there are the B-1 movements, the nuclear rumors and the official assurance that the Lancer is conventional-only—or so goes the narrative. Add Bertha, rising U.S. casualties, Canadian tariffs and Elaine’s Army-green IBM Selectric continuing its federally supervised tour of America, and there is plenty to think about while we wait for the market to choose a direction.

So yes, again: materially above the average $40 letter—and embarrassingly above many charging several hundred dollars.