My single biggest takeaway is that Powell made Fed speakers (in between meetings) relevant to markets again. In Powell’s Walk Up Song – Here I Go Again, we argued that the last meeting had turned not just other speaker’s conversations into a sideshow, but also that his own comments (outside of press conferences) couldn’t be taken at face value. That seemed odd (at best) for an institution that relies heavily on “jawboning” as a policy tool. Well, today, the statement supported what most Fed speakers had said (inflation is not defeated, longer for rate cuts than the market was pricing ... FedSpeak is Back