The Deeper Dive: Sorting out the Chaos
Pyro Powell set markets on fire again, and it's not clear he even knows why he did it.
Let me remind everyone again, since it appears you won’t read it elsewhere, that the Fed has not pivoted … yet. It has merely talked about pivoting at last, or thought about when it might think about it, and that was all it took to wipe out a major part of the tightening the Fed had established in financial markets.
Those are essentially the thoughts I l…