The big thing in the market this past week was Fed Chair Powell’s semi-annual testimony to Congress. His prepared statement was generally downbeat, focusing on the problems facing the US economy, often in a “yes, but” fashion: the economy is doing well, however inflation is well below target GDP is growing at a strong pace, however the components of growth are worrisome… He even mentioned the debt ceiling and Brexit. Everything possible that might cause them to ease.
Later, in the Q&A he delivered more hints that they would cut rates. Asked specifically whether Friday’s good NFP figure changed anything,…
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