A Balanced Assessment
"A cut could be on the table at the September meeting," Jerome Powell said Wednesday, stating the obvious after the Fed kept policy steady on the one-year anniversary of peak rates in the US.
Powell's press conference revolved almost entirely around the shift in the Fed's assessment of the balance of risks. The new statement language found the Committee indicating that officials are now just as attentive to rising unemployment as they are to the risk of rekindled inflation.
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It’s nice to hear someone in authority admit uncertainty. Can you imagine if politicians actually spoke to us like adults? Granted, that would require a populace that appreciated nuance and the difficulty of predicting the future, but listening to Powell is refreshing if you ask me.
Well, you know, you can’t expect people to leave the soft cocoon of demagoguery and confront reality. That just sounds really unpleasant.