, Columnist
Exuberance Was Fading Before the Fed Hawks Arrived
Rather than jolting the market out of an extreme position, Jerome Powell and his colleagues may have just given it an extra shove in the same direction.
The party was already losing its fizz.
Photographer: Alan Crowhurst/Getty Images
This article is for subscribers only.
To get John Authers' newsletter delivered directly to your inbox, sign up here.
Last week, I felt like kicking myself for not seeing the hawkish turn by the Federal Reserve coming. Jerome Powell gave himself plenty of outs after the Federal Open Market Committee meeting last Wednesday, but the moment when he tried to dial back expectations for extreme monetary accommodation long into the future came much earlier than many of us had persuaded ourselves to expect.