Fed reaction, Congress in September, and Midterms

The long awaited speech by Fed Chair Powell set the tone for further rate increases as markets anticipate the next meeting of the Federal Open Markets Committee (FOMC) on September 20/21.

As Chair Powell spoke he was likely haunted by his remarks in 2021 when he addressed the potential transitory nature of inflation, a position he reset in 2022.  For this year’s speech he was short and to the point: more hikes are coming.  As analysts commented on the speech the only open questio...

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