, Columnist
Powell’s Narrative Revives Talk of a Pivot
It was meant to be a hawkish pause, but rightly or wrongly traders decided otherwise. Meanwhile, the puzzle of why earnings are so resilient.
Walking a fine line.
Photographer: Al Drago/BloombergThis article is for subscribers only.
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Let me start by correcting a widespread misconception over the journalistic process. Ahead of any Fed Day (when the Federal Open Market Committee makes an announcement on monetary policy), there is a fairly narrow range of probabilities. Many people assume that commentators like me write columns to cover each outcome ahead of the meeting.