Investors were desperate for the slightest sliver of good news from Jay Powell, and it shows.
Fund managers were pretty sure that the US Federal Reserve would raise interest rates this week at an increment that just a few months ago would have brought us all out in hives. It duly delivered a 0.75 percentage point raise — its second in a row. Those old-fashioned quarter-point steps are for wimps (and for policymakers who are not tackling inflation sailing towards double figures).
The real action, though, was always going to be in Powell’s statement and comments. He did not disappoint.
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