John Williams: “Not so Fast”

If Jay Powell’s comments were intended to spur the market to new highs, NY Fed President John Williams’ were intended to slow the roll.  On CNBC this morning:

“We aren’t really talking about rate cuts right now…we’re very focused on the question in front of us, which as chair Powell said… is, have we gotten monetary policy to sufficiently restrictive stance in order to ensure the inflation comes back down to 2%? That’s the question in front of us.”

Futures were not amused, dropping from slightly higher to slightly lower as he spoke even though today is OPEX [see: Does OPEX Matter? (which desperately needs updating)].

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