To The Moon

The anticipated July Federal Reserve policy meeting is upon us. There are two main points of interest for this session: First, whether the Fed might unexpectedly cut rates earlier than expected (which is considered unlikely), and second, the degree of dissent among committee members regarding the rate decision. While the likelihood of an early rate cut is low, it’s notable that “the Boss” recently visited the Fed and publicly pressured Chairman Powell to lower rates. The market largely expects the first rate cut to come in September; if it happens as early as July, it would suggest these political pressures were effective and that further cuts might accelerate. Regarding committee votes, if the Fed keeps rates unchanged, attention will turn to how many policymakers dissent. A high level of

$S&P 500(.SPX)$ $Invesco QQQ(QQQ)$ U.S. equity markets may appear expensive, but the deeper issue could lie not in asset valuations—but in the currency used to measure them. Across multiple valuation frameworks, U.S. equities are flashing red. Traditional metrics such as the Shiller Price-to-Earnings (P/E) ratio and the Buffett Indicator have reached historically elevated levels, prompting renewed concern among institutional and retail investors alike. Yet, in an environment shaped by fiat currency devaluation, monetary distortion, and asset scarcity, the right question may not be, “Are stocks overvalued?”—but rather, “Overvalued relative to what?” Valuation Red Flags Are Waving By conventional standar