Nick Timiraos
@NickTimiraos
Chief economics correspondent, The Wall Street Journal • Author, "Trillion Dollar Triage”
Joined July 2009
119 Following 482.4K Followers
Some highlights from Fed Chairman Kevin Warsh's second press conference:
He flags the intermeeting move in real and nominal yields (materially higher, top-decile intermeeting move), frames it as the reduction in forward guidance working as designed: "We haven't done much in 42 days. The markets have done quite a bit."
One way to read this is to see the chairman treating market-delivered tightening as a substitute for policy action (for now) as the Fed awaits additional data on inflation trends.
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