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John Authers

Powell Bends to Economic Reality, Not Markets

Various recession indicators are sending troubling signals. Also, things are finally looking up for Theresa May.

Powell is generally worried about the economy.

Powell is generally worried about the economy.

Photographer: Andrew Harrer/Bloomberg

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Federal Reserve Chairman Jerome Powell said Wednesday that it “may be some time” before the central bank needs to adjust its monetary policy. The comments came as he unveiled another startlingly dovish outlook that saw projections for future interest-rate increases slashed along with an announcement that quantitative tightening — the act of shrinking the Fed’s huge pile of balance sheet assets — would end even earlier than thought, in September.