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Fed Doesn’t Yield to Equity Doves; Treasury Yields Fall

Flushed into a tough corner by President Donald Trump’s continuous calls for lower interest rates, Federal Reserve Board chairman Jerome Powell didn’t move much from his prior stance. That disappointed investors hoping for some sign of another Fed Funds rate cut. Unsurprisingly, Trump blasted Powell in tweets. (See page 10.)

In a much-watched speech Friday at the Kansas City Fed’s annual central bankers meeting in Jackson Hole, WY, Powell said the Fed would provide stimulus if a global economic slowdown damages the American economy. What he didn’t say was what the market wanted: a clear sign that there would be more rate cuts.

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