Good morning. The US stock market did not blink at last week’s supposedly apocalyptic tech earnings. The S&P 500 was higher at its close yesterday than it was a week before. It seems that people want some risk exposure going into this week’s Federal Reserve meeting. There are high hopes that Jay Powell will make a noise about slowing the pace of rate increases or even pausing them. We don’t know whether that will happen or not; we wouldn’t make those noises if we were Powell, given that “sticky” prices have hardly slowed; but we are not Powell. In any case, we lay out below a case that the markets are still sleeping on the Fed’s real intentions, and the consequences of those intentions. Email us: robert.armstrong@ft.com and ethan.wu@ft.com.
早上好。美国股市对上周被认为是世界末日的科技公司财报没有丝毫反应。昨日收盘时，标准普尔500指数高于一周前的水平。在本周的美联储会议之前，人们似乎想要一些风险敞口。人们对美联储主席杰伊•鲍威尔(Jay Powell)将在放缓甚至暂停加息的问题上大吵大闹，寄予厚望。我们不知道这是否会发生；如果我们是鲍威尔，我们不会发出这些声音，因为顽固的通胀几乎没有放缓；但我们不是鲍威尔。不管怎么样，我们今天想要列举一下另一派观点的理由：市场还没有完全领会美联储的真正意图以及这些意图的后果。给我们发邮件：robert.armstrong@ft.com 和 ethan.wu@ft.com。