Fed Chair Jerome Powell’s testimony to Congress – together with similarly-dovish speeches from key Board members this week – underlined the Fed’s new commitment to the full employment side of its mandate. That may not have convinced investors, but we think the new focus all but kills any prospect of interest rate hikes in the coming years – regardless of what happens to inflation.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.