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Despite Market Pullback, Jackson Hole was Nothing of Substance

Fed Chair Jerome Powell took to the microphone on Friday afternoon for the first time since he announced the Fed’s prior 75 bps rate increase. Powell has mastered the art of tactful political speech, as he used 10 minutes of words to say nothing of substance. While there was a small corner of the market that thought Powell would cavalierly announce the end of this tightening regime, most expected him to do precisely as he did – stymie overzealous doves that were high off the recent summer rally by using his oft-repeated rhetoric about preserving price stability while remaining data dependent thus leaving the door open for lower rate increases through the balance of the year.

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