To understand the lack of excitement garnered today by J. Powell and The Fed’s Beige Book, one must only look to the markets, whose muted reaction said it all. The same message remains intact – progress has been made and there will be reductions in rates this year, just not yet. Same script, different day. Treasuries ended flattish, the DXY remained weak amid talk of a potential BOJ rate cut, and Brent remained strong due to a lack of Gaza ceasefire and Houthi attacks. Although Mr. Powell did n…
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