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‘So Much Uncertainty’
"Uncertainty" was the word of the day at Jerome Powell's post-FOMC meeting press conference, where r
Didn’t listen to the presser but blotter has Powell saying:
“We don’t have the kind of tools that are good at dealing with supply chain problems. We don’t have that at all. That’s a job for the administration and for the private sector more than anything.”
“What we can do with our interest rate tool is we can support, be more or less supportive of demand, and that would be a very inefficient way to try to fix supply chain problems.”
Hard to be plainer than that.
Also being reported on blotter:
“We are in a new phase where it seems to be we are entering a new phase where the administration is entering into beginning talks with a number of our important trading partners and that has the potential to change the picture materially or not.”
“And so I think it’s going to be very important how that shakes out. But we simply have to wait and see how it works out. It certainly could change the picture and we are mindful of not trying to make conclusive judgments about what will happen at a time when the facts are changing.”
Over to you, Bessent!
While awaiting the Powell press conference, I saw some clips from Mr. Bessent on Fox Biz News (I think).
One was where extolled the president’s mastery of “strategic uncertainty”. He went on to gush over how Mr. Trump is the greatest master in the world of that negotiating tactic.
That’s not all that obsequious, is it?
?
Emoji fail – supposed to be a clown face
He can’t know what will happen exactly, so wait and see is the right answer. In today’s world people think “it’s not fair, you know and you should tell us”.
Sounding more and more like the Maestro of Yore!
Whenever the Fed does act, it will be too late again. I can’t really blame them this time, to act on chaos is to enable more chaos.