Powell will have the opportunity if not to walk back the 'mid-cycle' assessment then to at least provide some further explanation about what it means.
another in a line of memorable quotes from Powell since last October that have left Wall Street in head-scratching mode. In this case, the market took his statement as a possible one-and-done indicator for cuts ahead.
Changing the narrative to one where the Fed remains open to future cuts even though Powell also may indicate that he doesn't see recession risk on track could be key to calming a highly volatile market atmosphere. Indeed, a day after the Fed meeting, markets were in recovery mode, making up most of the previous day's losses. Then, the afternoon of Aug. 1, President Donald Trump announcedThe unpredictability of the trade war, coupled with low inflation and a slowing global economy, make the Fed's position especially precarious.
In fact, they see a chance that the Fed gets even more aggressive should the economic warnings signs become more foreboding.
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