Powell was super-clear:
Powell opening statement: We have more work to do
Powell Q&A: Strong view of FOMC is need to stay with rates high until inflation falls
Of course the bond market thinks it know better:
The market calls the Fed's bluff
Now the White House weighs in, adviser Deese says inflation is still unacceptably high. Flagging higher rates for longer he is.
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It wasn't that long ago that the Federal Reserve was absolutely insistent that inflation was transitory, which led to its epic mistake and its still trying to catch up. And yet markets think the Fed is wise enough to stop hiking now? Good luck with that.
When betting on central banks, always go with the most likely **** up, not wisdom.
