Whipsaw! Tweets, Tariffs And Tortured Double-Talk

It’s been a long time since a Federal Reserve Chairman spoke with such candor – and markets were utterly confounded. After fondly receiving “insurance cut” and “ounce of prevention…,” equities were immediately repulsed by the notion of “mid-cycle adjustment.” And how could Powell broach the subject of the Fed contemplating ever raising rates again? Does Powell not understand what the markets expect of him? Where is the clear message? What happened to the beloved “an ounce of prevention is worth a pound of cure?”