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FRB Powell Broke No New Ground

FRB Powell’s speech was widely a nonevent.  All markets sifted through comments from him and other Fed officials.  Powell stated officials “will proceed carefully” on whether to

A Down Day

It is widely believed the Fed is near the end of its tightening campaign, a campaign that has sent rates logarithmically higher from 0.00% in March 2022 to

Second Quarter GDP Surprised on Upside

Second quarter GDP rose at a 2.4% annualized rate, above the consensus view of 1.8%.  The GDP deflator rose at a 2.2% rate, well below the consensus of 3.0% and the core rate was 3.8% also below