A 50-basis-point cut has been 'thrown out the window,' says Richard Fisher.
"I used to always feel that when the Fed chairman made an announcement, or we made a decision, it was like a sacrificial ceremony," Fisher said. "The markets slash you open, try to read the entrails, try to infer what they want to hear or what they're worried about hearing."
That was intensified Friday as Powell reiterated that the Fed will "continue to act as appropriate to sustain this expansion," words the market sees as an indication the Fed will keep rates low."I don't think there's any indication whatsoever as to which way they're likely to go," Fisher said. "[The speech] was good because he didn't say a damn thing."
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