Good morning. On a day when Donald Trump was sued for fraud and Vladimir Putin called up extra troops, all anyone in finance could talk about was the Federal Reserve. We join in, below. Email us: robert.armstrong@ft.com and ethan.wu@ft.com.
The Fed
The Fed’s summary of economic projections (SEP) for September looked very different from the last one, released three months ago. At a high level of abstraction, the change is not surprising. The new SEP just put into words the bluntly and emphatically hawkish message from chair Jay Powell in, for example, his Jackson Hole speech a month ago. But words leave more room for interpretation, and therefore misunderstanding, than numbers do.
There were three particularly big changes:
您已阅读11%（731字），剩余89%（5685字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。