The Fed Can’t Give Markets the Certainty They Desire

Federal Reserve Chairman Jerome Powell tried to thread the needle between dovish and hawkish at his Wednesday press conference, but realistically had no hope of pleasing market participants who thought a series of interest-rate cuts were already in the bag. The Fed just isn’t there yet. This reduction in rates was the insurance against bad outcomes. Going forward, conditions will need to worsen – and soon – to justify a further easing of monetary policy.

Continued at Bloomberg Opinion….