For anyone expecting Powell & Co. to spill this morning on the extent and pace of future rate cuts, don’t hold your breath. Since assuming the chair four years ago, Powell has become increasingly adept at avoiding any substantive revelations.
Of course, sometimes investors draw their own conclusions, which can make for interesting trading sessions. Yesterday, for instance, SPX tumbled nearly 1% as algos consolidated recent gains. This morning, those same algos have recovered 2/3 of those losses as they position for any Jackson Hole surprises.
No one know exactly what Powell will say or what the Fed will do over the next several months. Though, we know what they should do given the inflation surprises ahead. 
continued for members…
Sorry, this content is for members only.Click here to get access.
Already a member? Login below… |