Markets Are Pleased Powell Didn't Ignite a Fire In the 'Hole'

Leading up to Fed Chair Powell's speech at the Jackson Hole Symposium, a fuse had been lit in the fed funds futures market that was burning away at the probability of a 25 basis-point rate cut at the September 16-17 FOMC meeting. Specifically, the probability had been trimmed to 71.3% from 92.1%, as there was a budding fear that Fed Chair Powell might ignite a bomb with a hawkish-sounding speech. Read Full Article »