Payne's Perspective: April12, 2021: Powell's Moment
In one of the most iconic moments in the history of the Academy Awards, and back when it was about the work, glamor, and the prestige of movie-making, Sally Field delivered her heartfelt acceptance speech:
I owe a lot to my family, for holding me together and loving me and having patience with this obsession and me. But I want to say thank you to you. I haven't had an orthodox career, and I've wanted more than anything to have your respect. The first time I didn't feel it, but this time I feel it, and I can't deny the fact that you like me. Right now, you like me! Thank you. – March 25, 1985, Dorothy Chandler Pavilion, Los Angeles
I couldn’t help but think about that speech last week, as Federal Reserve Chairman Jerome Powell continued his charmed campaign in a scorched earth manner - going anywhere and everywhere to convince markets he will not hike interest rates before 2024.
The Street had been unconvinced and skeptical until Thursday when Powell appeared on an International Monetary Fund (IMF) video call and made his pledge again. This time, he added additional hurdles that would need to be clear beyond maximum employment in the United States. And the uncertain session turned and closed at the highs of the day.
That was Thursday, but the big test would come Friday morning. Before the market opened, no one knew just how big. It turns out that it was a monumental test.
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