Powell says what everyone already knows.............And the markets collapse! With a little bit of lip service from Powell, everything but the US dollar drops. Of course, inflation remains. If Powell was serious he would take a page from the 80’s and jack rates to +20%. Then watch as inflation crashes, housing crashes, jobs dry up, and everything stabilizes for the next 40 years.
The so-called soft landing approach will not work as interest rates below the rate of inflation will not bring it down in a short or meaningful way.
Meanwhile, there is blood in the streets as we no longer need energy or metals. I fail to see the logic here but fear and greed are powerful market movers.