Fed chair Powell gives the market exactly what it wanted to hear

Fed Chair Jay Powell ended a press conference in which he gave markets exactly what they anticipated he would say. The Fed left rates unchanged, noted that job growth was weaker but still strong and hinted it was slowly winning the war on inflation.

We are not hearing about skyrocketing rents, or airfares or hotel rooms. The inflation data seems to be narrowing. It's also possible we may see sudden economic deterioration, but that too seems unlikely, and at any rate that would drive rates even lower. Despite the fact that August is usually a rocky month, and assuming the data is unsurprising, the most likely path is more of the same, more of the rotation we have seen for the last several weeks.

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