Powell Pressers

After every scheduled Fed meeting to make potential changes to the Fed funds rate, a press release is provided. 30 minutes later there’s a presser. When Bernanke and Yellen were Fed heads, markets responded identically to the press release and the presser. It was that way for Powell pre-Covid. Since Covid, the market response to the press release is generally reversed after the Powell presser. This added instability seems unproductive.

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