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Powell speaks, budget threats emerge, IRS and crypto rules

Last Friday Fed Chair Powell gave his long anticipated speech at the Jackson Hole symposium for central bankers.  I didn't think Powell’s Jackson Hole speech was as hawkish as some had expected.  "Could" was a persistent word on what policy might be.  Data could warrant more increases but towards the end he said they could hold constant and await more data.  I think this is a signal for pausing  in September and data driven going forward.

In the minutes from the July me...

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