Pocahontas is exactly right: Fed chairman has plenty of room to put "millions out of work."
From August 28, 2022: lots of room to put "millions out of work” and still stay below 3% U-1 unemployment.
Jay Powell, a new sheriff in town:
- I don't think pundits truly understand what happened yesterday;
- the timing came right after the Inflation Reduction Act was passed and the Student Debt relief order was announced;
- Powell started his speech even before CNBC was ready to televise it;
- CNBC talking heads were standing by, waiting, never got the word, and were caught off-guard when they joined Powell's speech already in progress
- shortest major Fed speech ever; shortest Jackson Hole speech ever;
- most transparent Fed speech ever
- mispronounced "recession" when he said "pain"
- pushed a few incumbents under the bus
- the speech will be interpreted as empty words by many if Jay Powell doesn't announce a Fed meeting this next week (to convene before August 31, 2022)
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