At the time of his appointment, we took to referring to Chairman Powell as Janet Yellen in trousers and tie. We certainly got that right.
After all, if the US economy is a “solid” as the Eccles Building claimed in yesterday’s statement— the lowest unemployment rate in 40 years and healthy GDP growth—why in the world does the Fed need to pause its normalization cycle with the inflation-adjusted funds rate at just 0.1% and its balance sheet still hideously bloated at $4.0 trillion?
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