Non-Bakken Post Of The Day -- August 29, 2022

Link here.

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.

From a few days ago:

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)