A Hopium Stock Market Rally on Jerome Powell’s Inflation Progress Report
Image courtesy of StockCharts.Com The Federal Reserve releases a transcript of Powell’s speech on inflation and the labor market. Powell highlighted core personal consumption expenditure (PCE) inflation, noting that it is stubbornly high despite the Fed’s rate hikes. Powell’s key comments (emphasis mine) Core PCE year-over-year inflation stands at 5.0% in our October estimate, roughly …
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