Jerome Powell found a way with words to give the markets what was expected
What is the difference between “act as appropriate” and “assess the appropriate path of the target range”? It is significant. In the first case, a single poor reading of the U.S. labor market would be enough for the Fed to cut the interest rates; in the second case, there should be a stronger decline in a wider range of domestic data that can’t be identified based on a single publication of the employment data. May it be just market noise? Jerome Powell seems to have found…
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