Tapering Likely Begins Next Week, Spooky Bond Market Raises Apprehension

As the mind-bending complexity of legislative negotiations continues, the picture for Powell’s renomination remains muddled. We mentioned the debt-ceiling being extended to December was a small advantage for Powell and Janet Yellen recently endorsing him confirms that this is probably one item in his favor. However, as the size of Democratic legislative proposals get smaller and smaller than what the progressive wing had envisioned, it is likely that Powell’s scalp as a political bargaining...

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