Fed megaphone: Powell’s speech wasn’t entirely focused on financial data

“Fed megaphone” Nick Timiraos: Fed Chairman Powell’s speech did not sound as preoccupied as some expected with the implementation of easing policy in the near future as measured by some financial conditions index (FCI). From the meeting in December last year to now, financial conditions Not much has changed. Most of them develop sideways or fluctuate up and down.

Powell was also not strongly inclined to think that rate cut expectations reflected a serious misreading of the Fed’s reactive function, saying that views were divided on how quickly inflation would fall, but he would not try to persuade people to act differently. predict.