INTRADAY ALERT: One can interpret Powell comments as setting preconditions to change inflation "playbook"

Fed Chair Powell is speaking at the Brookings Institution and while his overall comments were the same tough love talk -- "higher for longer" -- he also made two comments which we interpret as hinting at the pre-conditions to change the Fed policy "playbook":

First, Powell noted that "while October CPI was a welcome development" he added soft inflation monthly reports have been followed by higher inflation.In other words, since he has little faith in inflation forecasts, in the past year...

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