What were we thinking about markets last weekend? In some ways, that seems like an obvious question, since the S&P 500 finished the week unchanged. On the other hand, it might seem like a crazy question, since you heard more about the yen carry trade than you ever wanted to hear, and saw stocks decline sharply on Monday (with lots of “crash” chatter), only to be followed later in the week with the best day for the S&P 500 since 2022. Despite last week’s volatility, it seems easiest to start with where we were last weekend. The Plodding Fed. We ... Imagine It’s Last Weekend, It’s Easy if You Try