Happy Fed/CPI day! (Double Whammy, Econpalooza, call it what you will.) What should we ask Chair Powell today? www.nytimes.com/live/2024/06/12/business/fed-rates-inflation-cpi#may-inflation-cpi

Fed Chair Jay Powell’s approach to cutting interest rates based on forecasts that inflation will continue moving lower could be summed up by the phrase “Trust, but verify.” He used the word “confident” or “confidence” 20 times at a press conference www.wsj.com/economy/central-banking/stung-by-past-mistakes-a-wary-fed-takes-its-time-e361a364?st=57v57wvnlafntfi

Powell: "If you look back in five or ten years and try to pull out the significant to the U.S. economy of one 25-basis-point cut, you have quite a job on your hands."

On the surface, the #FederalReserve's SEP has been subjected to a hawkish tilt as reflected in The higher #inflation forecasts for 2024 and 2025; The move of the median cuts for 2024 from 3 to 1; 4, up from 1 FOMC member, expecting no cuts this year; and The slight move…