Markets Have Mini-Tantrum Over Powell Remarks; Yields Rise

Well, Jerome Powell’s pandemic honeymoon period appears to be over. His address at the WSJ Forum was followed by significant market carnage. It’s not like he did or said anything blatantly wrong; he didn’t. Sometimes though, the role of a Fed Chairman is quite thankless. The adoring crowd can quickly turn into a hostile and demanding one. By and large he completely stuck to the common script. He took the position that any increases in inflation that we would see would most likely be trans...

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