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Memes Make Mockery Of Powell’s ‘Restrictive’ Refrain
I'm not one for gratuitous Fed criticism. God knows I'm not.
I avoid, assiduously even, cheap humor
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It would seem the decision to scale back on QT was premature.
Powell’s approach to breaking the “insanity loop” H described in Fed Suffers Another Setback: lower rates and eventually deal w/ a frog boiling market. But I may be giving Powell too much credit about markets. As I’ve said before, he’s a nice guy in a tough job that seems to have scarred him; I empathize w/ the stress he’s endured since 2018. But his track record anticipating and managing the Fed’s impact on equity market nonchalance about risk is not good. He seems unwittingly determined to add more market shenanigans to his legacy.