Fed Chair Jay Powell shrugged off the market’s recent drop (“not in our mandate”), completely ignored the collapse in US economic data (“yeah, but what about employment?”) and decided not to listen to their business contacts (“probably only transitory”), hiked rates, and only adjusted their rate-hike-trajectory modestly.
Just keep hiking…
However, as unelected a representative as Powell is, perhaps it is time to listen to “we, the people.”
Bloomberg’s weekly economic expectations index just put in its biggest two-month drop in five years with this week’s six-point tumble to the 50 level.
That, in turn dragged down the overall Bloomberg confidence index, reports Bloomberg’s Katia Dmitrieva, to 3-month lows.
For some context, for the three months heading into the key holiday shopping season, economic confidence fell by the most since 2008…
Still – should probably ignore that, right Jay?
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