Did Powell just deliver for Trump?
The Fed left (median) rate expectations trajectory unchanged (despite stagflationary adjustments to forecasts), but the 'dot' adjustments were hawkish
The Fed tapered QT bigly (dovish) - “People really like that” when the Fed did the last slowdown, he says. You can go “slower for longer.”
Powell poured cold water on both the Trump 'recession' narrative - Recession risks have “moved up, but it’s not high.”
Powell pissed off the MSM by rubbishing the UMich (soft survey data) inflation expectations - Powell says the University of Michigan inflation expectations data is “an outlier”
