Micromanaging Stocks Until Inflation Cools

Although you wouldn't know it to look at financial conditions or, relatedly, stocks, bonds and the dollar, Jerome Powell came into this month's FOMC decision riding a three-meeting streak of "wins," where in this case "winning" means tempering investor enthusiasm. Having apparently learned something from the July experience (when an insufficiently forceful message served to amplify a summer rebound in beaten down stocks), Powell averaged a 3% S&P decline on FOMC day plus the next session ov