Jerome Powell’s words dance in the space between two meanings — surely a result of his ability to satisfy a dual, but oftentimes contradictory mandate.
for my waistline. But if I see fried chicken, my salad plans are too easily dashed. Powell's comments, then, say nothing, essentially.
To be fair, Powell admitted as much, saying that the Fed is "navigating by the stars under cloudy skies." If Powell is the poet, markets are the critics, reading against the grain. Despite the hawkish tone of Powell's Jackson Hole speech, markets, it seemed, seized on a tangential point and made it the whole narrative.
The quotation in question: "So far this year, GDP growth has come in above expectations and above its longer-run trend, and recent readings on consumer spending have been especially robust." Instead of dwelling on interest rate warnings, markets cheered the prognosis of a hotter-than-expected economy. The
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