Powell avoids out-hawking markets, puts Fed on data-dependent footing
Speaking at the Jackson Hole Economic Policy Symposium this morning, Federal Reserve Chair Jerome Powell delivered a slightly less hawkish message than markets had feared, saying that the central bank would “proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data”. In a speech that recycled a lot of the language used in last year’s appearance, Powell said “Although inflation has moved down from its peak — a welcome development — it remains too high,” and noted “Additional evidence of persistently above-trend growth could put further progress on inflation...