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Powell Fed, Now Hostage To Bond Market And Donald Trump, Largely Delivers
"I don't discuss elected officials, publicly or privately", Jerome Powell said, when asked by a repo
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“Goldilocks is back”……The lack of comments on all this is probably confirmation that we are being placated . to sleep mode..
The Fed does not have many tools. One tool they do have is to cut rates quickly. They passed on stopping QT early which would have been a smart idea in the context of what they have to deal with now. They may need to cut 50 at the next meeting if things continue to cool off.
If Trump pivots and lightens up on China starting next week (not likely, but possible), then there’s no reason to cut rates. Powell did a good job today. I admire his cool demeanor in the face of idiotic criticism from the peanut gallery. I would have told Trump to f— off on that podium today…