Wednesday

Wednesday trade a build up to the 50 come 75 basis hike by the Fed.  We got the 75 on cue, and the market reacted with a buy the fact trade,30,651, plus 296 points in an 800 point range day.  Bonds gained back a point and 2 tics as well, 132.13.  Of course the market ignored that Chair Powell basically said he would put the US and by default world economy into a depression if he has to use only the tools at his disposal to curtail inflation got overlooked.  He also stated that he will be using the two primary tools he has, raising interest rates and tightening liquid money in the system until we get back to 2% real inflation.  The beating will continue until moral improves.  Grains were pretty much a dull day by comparison, with bullish global grain issues weighted against global depression.  Wheat in another churn, off 1/4 cent, 1050.  Corn gains 5 3/4 to 774 with a strong cash market.  Beans off 4 3/4 to 1693 3/4 but meal is stronger than I expected and gives soy a base to work higher from.  Rice did give back a dime, 1645 1/2 with more orderly spread roll.  Bear wants it lower, but he needs you to sell it.