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Cuts Are Back in the Air After Inflation Surprise
So what if Powell’s congressional testimony was boring? He’s now got the data he needs, and markets are penciling in September.
Powell is getting the good numbers he wanted.
Photographer: Tierney L. Cross/BloombergThis article is for subscribers only.
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Typically, to be described as “boring” is not a compliment. However, when you’re the Federal Reserve Chair and preoccupied with the dual mandate of promoting maximum employment and stable prices, being boring sounds good. The markets were little changed earlier this week as Jerome Powell testified before the Senate Banking and Housing Committee, an event often used to signal forthcoming changes in direction.