POWELL POWER
08/21/2025 |
The critical thing about Powell’s talk tomorrow is tone. Can he really offer dovish rate guidance? Equities are at/near record highs, credit spreads are near their tightest ever, the dollar at its lowest level in years, unemployment is just 4.2%, inflation expectations are at 2.4%, well above the 2% target, and 25Q3 GDP growth is forecast to be over 2% by the FRB of Atlanta and NY. Color me skeptical.