Pushback against Powell’s prognosis comes almost immediately
Within hours of the Federal Reserve’s latest policy decision, traders and commentators alike had started to challenge Chair Jerome Powell’s assessment of the economy.
By Paul Dobson / Bloomberg
The bond market waved off the prospect that Powell might have one more hike up his sleeve, instead adding to bets the US central bank’s next move will be to cut its benchmark interest rate. A slide in crude oil prices indicated mounting concern over a recession that the Fed chair said could be avoided. And financial stocks tumbled anew even after Powell had seen a line being drawn under US bank turmoil.
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