Payne's Perspective: August 30, 2021: Powell Delivers
Jerome Powell pulled it off – at least for now.
The chairman of the Federal Reserve threaded the needle as pressure was mounting. And it felt like a complete defection of other members of the Federal Open Market Committee (FOMC) that were all over financial TV during the week - and even leading up to Powell’s Speech on Friday, espousing the need to remove the “Punch Bowl” as soon as possible.
The importance of the moment and speech cannot be overstated. The Fed has pumped in more money than anyone thought possible a decade ago. Still, aggressive monetary policy has helped spur magnificent wealth for asset holders. Moreover, it caused a kind of thinking and dependency that might only be altered through cataclysmic changes in policy – like massive rate hikes around the world.
That doesn’t happen anytime soon. I’ve italicized Powell’s comments and highlighted key points.
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