Need to Know: After Powell’s ‘mid-cycle’ debacle, the dollar might be king [MarketWatch]
Bank of America Corporation (BAC)
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Source: MarketWatch
After Powell’s ‘mid-cycle’ debacle, the dollar might be king What the heck was that? Federal Reserve Chairman Jerome Powell, during Wednesday’s post-decision press conference, tried to make the case there wasn’t about to be a big series of rate cuts. Powell said the Fed cut rates by a quarter-point to ensure against downside risks, support the economy and to support inflation. “We’re thinking of it in the nature of a mid-cycle adjustment to policy.” Oof. Stocks instantly got hammered. Would this be one and done on rate cuts? Read: How the Fed and Jerome Powell sent ‘a bit of a shock wave’ through financial markets Then Powell said: “I said it’s not the beginning of a long series of rate cuts. I didn’t say it’s just one or anything like that.” OK then. Helen Thomas’s Blonde Money calls Powell “the worst communicator we have ever seen” and says one of Powell’s deputies—Vice Chair Richard Clarida, Governor Lael Brainard, or New York Fed President John Williams—is likely to come out an
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