Macro Strategy Insights

Shoot Out at the Eccles Corral

Powell plans on staying. Miran voted to cut, despite higher oil, etc. All things I think the Fed should “look through” over time, but would hold me back from cutting today. By all accounts, Powell doesn’t “need” to work, so presumably this is about him trying to fight for his view of what the “integrity of the organization” should be (my words but sounds about right). I think this sets us up for a more contentious Fed than I was expecting. I will ignore the dot plots and the summary of economic projections since the “data” and “inputs” are evolving ... Shoot Out at the Eccles Corral

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