, Columnist
Powell Means September, Whatever He Doesn’t Say
The Fed is hinting at a rate cut as strongly as it can, while leaving wiggle room if inflation or the jobs market pull a surprise
Getting closer.
Photographer: Al Drago/BloombergThis article is for subscribers only.
To get John Authers' newsletter delivered directly to your inbox, sign up here.
Amid much competition, the biggest financial news from Wednesday is that the Federal Reserve is doing nothing at all, and not committing to doing anything in future — but setting up all and sundry for a likely cut in the fed funds rate in September. One more risk of a nasty surprise has been removed, one more reason added to hope for and expect an imminent cut, and that’s what mattered.