Federal Reserve Chairman Jerome Powell may face a no-win scenario on Friday when he speaks about Fed policy at the central bank's annual symposium in Jackson Hole, Wyo.
Federal Reserve Chairman Jerome Powell reacts during a press conference in Washington D.C., the United States, on July 31, 2019.Federal Reserve Chairman Jerome Powell may face a no-win test on Friday when he speaks at the central bank's annual symposium in Jackson Hole, Wyo.It may be a test Powell can not survive.
His approach may well require a great deal of creative thinking, as pressure continues to mount that he do even more to stimulate the U.S. economy. His chief advisors, appearing on weekend talk shows, adamantly claimed, however, that there is no recession in sight, noting that an inverted yield curve is no longer as reliable indicator of impending recession as it once was.
I've discussed the yield curve numerous times over the last year, or so, pointing out that the New York Federal Reserve's studies on inversions have shown that every recession, since 1967, has been preceded by such a bond market signal. This leaves Powell in the lurch. Clearly the market expects him to suggest that more rate cuts are coming.
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