Fed Chair Powell summary today: 1) A rate hike is very unlikely 2) His base case is to cut rates later this year, but it’s not a given 3) No sign of stagflation 4) 3% inflation is not acceptable #Fed #economy pic.twitter.com/s6UwoWoSuz

Posted earlier: As a follow-up to yesterday's #FederalReserve press conference, here are some thoughts on why Chair Powell's surprisingly dovish tone and content may end up being appropriate...though not for the reasons he put forward. www.ft.com/content/aa8c68f7-9dad-465f-ab92-c64c38337a84 #economy…

#Fed to slow pace of balance-sheet runoff starting in June. Central bank to lower Treasuries runoff cap to $25bn, from $60bn. Reduction was larger than market observers had expected. www.bloomberg.com/news/articles/2024-05-01/fed-to-slow-the-pace-of-balance-sheet-runoff-starting-in-june?srnd=homepage-europe&sref=R17xFhjo# pic.twitter.com/LQ1HTUb6IN

Stocks and bonds rally after Fed's Powell said: “It’s unlikely that the next policy rate move will be a hike.” pic.twitter.com/iTCF2CH7Fh