Good morning … realize it’s early to be talkin’ ‘bout and thinking ahead TO Thurs/Friday (Jackson Hole confab kicks off and JPOW speech on Friday morning) I thought I’d lead with a look at the front end of the curve …
My guess: Powell won't directly commit to September cut...but reiterate "data dependant" status.
Will give a slightly Dovish bias, but remain quite Balanced and Opaque....
Team 25, should get their wish....but not sure it's in September...
The 9 % Inflation Rate, has burned a scar into Mr Powell's Brain, that has not healed.....
But the markets are doing the Fed's work for it and if that continues the Fed will have to capitulate
and cut....
For now, I think Powell believes Time is on His Side....
My guess: Powell won't directly commit to September cut...but reiterate "data dependant" status.
Will give a slightly Dovish bias, but remain quite Balanced and Opaque....
Team 25, should get their wish....but not sure it's in September...
The 9 % Inflation Rate, has burned a scar into Mr Powell's Brain, that has not healed.....
But the markets are doing the Fed's work for it and if that continues the Fed will have to capitulate
and cut....
For now, I think Powell believes Time is on His Side....