U.S. central bank officials have been clear, however, just as Powell was in his remarks at the Jackson Hole economic conference in Wyoming and following the central bank's policy meeting last week: There's no rescue coming.
"What we've heard from the Fed is simply not wanting to allow any dovish opening in their communications until financial conditions have hit much tighter levels and there's compelling evidence inflation is going to come down," said Matthew Luzzetti, chief U.S. economist at Deutsche Bank. Some analysts worry the Fed's policy decisions are now running ahead of its ability to evaluate the impact on the economy of the rate hikes that already have been delivered, and cite market stress and volatility as evidence it may have overstepped."I don't like to base monetary policy on equities so much," Bullard said to an economic forum in London on Tuesday. "Equities are so volatile ...
There is nothing to deflate this goldmine. We are just holding steady, and you can dust off my Treasury notes. Bonnie Peanuts has come home.
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