A ‘Lost Opportunity’

It wasn't what he said. It was what he didn't say. Jerome Powell had an opportunity on Tuesday to make amends for inadvertently perpetuating 2023's everything rally last week, but he didn't seem especially interested. Markets are plainly prepared to rally absent a reason not to, and Powell provided no such reason in a jovial back-and-forth with David Rubenstein. Maybe it just wasn't the right forum. Although Powell conceded that the terminal rate may need to be higher if the US labor market co

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