The economic data last week can be summarized as follows - Softer data, but not too weak to question the No Recession narrative. Chair Powell’s press conference went as I expected. He reiterated the same points he has for more than a year. The FOMC will continue until they are confident that inflation will fall to its 2.0% target. That will entail an extended period of lower than potential growth (<2.0%), and some increase in the Unemployment rate will be needed. During the press conference Chair Powell was asked if policy had reached the appropriate level of restrictiveness that would...
