This Is What It Sounds Like When Fed Doves Cry
Jerome Powell makes about as drastic a reversal as a central banker could possibly pull off within six weeks. Plus Brazil versus Mexico, and Brexit follies.
Fed Jerome Powell Chairman explains his reversal on monetary policy.
Photographer: Al Drago/Bloomberg
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What does it sound like when a monetary dove cries? To find out, listen to Federal Reserve Chairman Jerome Powell’s press conference Wednesday. At his last press conference six weeks ago after boosting interest rates for the fourth time in 2018, Powell ushered in the final and most dramatic stage of the pre-Christmas sell-off in the stock market by sounding far more hawkish than anyone in the market thought possible. Now, he sounds like a dove crying.