Marko Kolanovic: $1.5 Trillion In Market Value Was Lost This Year Following Powell Speeches

On Tuesday, Jerome Powell gave a speech in Boston during which he downplayed the risk that the Phillips curve might suddenly snap back to life, leading to a surge in inflation that catches the Fed behind the curve. That's one risk for the Powell Fed, but it's hardly the only thing they need be concerned about. Persistent Fed hikes and the perception that Powell is inclined to be more data-dependent (and thus more hawkish given the economic backdrop in the U.S.) than his predecessor, have pushe