As I prepared to write today’s letter the U2 lyric, which I used as the title for this paper, kept running through my head. Sometimes writing a weekly market note can be challenging, especially when not much is going on in the markets. Sure, yesterday we got the monthly Consumer Price Index report which showed a scorching 5% year over year increase in inflation, a number we haven’t seen since 2007. But the market seemed to take that pretty much in stride, with the S&P 500 hitting all-time highs.

While the general market seemed dressed in its summer cruise wear, the amped-up meme momentum stocks continued into overdrive. Joining AMC this week at the glutton’s banquet were some high flying names from month’s past. Blackberry was up 40%. Nikola Motors was up 12.6%, Workhorse was up 38.4%. Each of these have been previously loved stocks that had recently fallen out of favor, but now, for whatever reason, the love affair has been rekindled. It’s like everyone one on Reddit wants to relive last summer.

It was another lather, rinse, and repeat week in the markets. The S&P 500 finished up 1.37%, 10-year US Treasury notes rose 0.3%, gold gained 1.17%, and the Nasdaq 100 added 2.23%. Notably, Bitcoin has continued to struggle, falling midweek to $33,000, or roughly 50% below its all time high. Similarly, Dogecoin is currently 57% below its all time high.

One of the most common questions that I get asked is, “Where do you think the stock market is going?” While I understand it is human nature’s desperate need for answers and clarity during periods of heightened uncertainty, just look at the geo-politics in the 1930’s, but unfortunately answers are difficult to provide. However, I would posit that the question most important, and least asked by most investors is, “Where are interest rates headed?”