A diplomatic speech from Powell, who, as usual, subordinated everything to the data without giving a decisive word.
He also pointed out something positive, that it is possible to change some policies, especially since this time he said that the tariffs would have a temporary effect after being one of the most pessimistic about them.
🟥🟥🟥🟥 The market's bet now is almost 90% for a rate cut by the Fed in September, compared to 75% before Powell's statements.
The current bet is pricing in 2 rate cuts from the Fed by the end of this year [with 3 meetings remaining].
