Markets didn’t do much during the press conference. Partly understandable because: He won’t be Chair much longer, and the “Hawkish” statements didn’t last through the press conference. A lot of the questions got the “will not answer” response, which seemed about right. While we can all take away what we want from this meeting, my takeaway is: He demonstrated, I think quite well, that the vast majority was in favor of doing nothing. Effectively, the Fed is not succumbing to pressure and is independent. In my mind, that sets him up to cut if he deems it necessary. Basically, this ... One More Powell Cut?