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Jay’s Quotable
Jerome Powell's timeline for Fed confidence in the durability of the disinflation trajectory, and thereby for the onset of rate cuts, served as the title for the latest installment of BofA's popular weekly "Flow Show" series.
"We're not far from it," Powell told the Senate this week. Those five words were rally fuel. To some (many), they were another example of the Fed's incurable penchant for inflating bubbles.
"[The] Fed causes bubbles and the Fed pops bubbles," Michael Hartnett wrote. "In 2
Good info–thanks.
Harnett may be correct that “cynical bulls” will hang on until the day before first rate cut, but I doubt most wait until then.
The longer the Fed waits, the faster and harder they will have to cut….pay me now or pay me later….