🕊️ *The Illusion of Stability*

Trump’s gamble seems to have paid off – Kevin Warsh may have found the only way to deal with stubbornly high inflation without even hinting at rate hikes:

“We’ve dropped forward guidance.”

In other words, the Fed is no longer going to telegraph where rates are headed. Everything will be decided “meeting by meeting.”

Markets had been bracing for a more hawkish tone, so this was interpreted as surprisingly dovish. Stocks immediately ripped higher before giving back some gains.

The rest of the press conference barely mattered. Although one detail stood out: unlike Powell’s usual “Good afternoon,” the new Fed chair opened with a simple “Good day.” 😁
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