On March 4, 1964, Dominic Bellissimo was tending bar at the Anchor Bar Restaurant in Buffalo, New York. Late that evening, a group of Dominic’s friends piled in, ravenous with hunger. Dominic asked his mother, Teressa, to prepare something for his friends. Reaching for a part of the chicken usually reserved for soup stock, she deep fried, and flavored them with a secret sauce. The lowly wing was an instant hit, drawing newcomers from near and far to sample the taste sensation. From a mainstay on the Anchor Bar’s menu, they spread like wildfire across the globe. And while many have tried to duplicate the special recipe, the closely guarded secret has maintained Frank & Teressa Bellissimo’s title of “Best Wings in the World.” If you happen to find yourself in the Queen City on a road trip this summer, be sure to plug 1047 Main Street, Buffalo, NY into your navigation. You’ll find Anchor Bar on the corner of Main and East North Streets.
Anchors in QI’s Feather chart quads are a rarity. On any given day, there tend to be too many fundamental data points to count. Last Friday, however, stopped the clock. There was something too universal about the message in the University of Michigan’s (UMich) median income expectations for the middle of the income distribution. If turning points in the Federal Reserve’s monetary policy are finally a given, as the institution’s spokesperson voiced in the WSJ, we dare not be dismissive despite the red flag being raised outside the confines of the dominant highest earners.
If a Fed rate cut is a working assumption within seven weeks, we can quantify with certainty the degree to which the Fed is too late. Why? Because the Fed is always late. The difference is we now know what the readout says on the bomb’s countdown timer that’s been detonated.