The inflation index the Fed anointed as its yardstick booked two big jumps in a row: May near the top of the range since 2010; April, third largest jump since 2010.
The Fed has already accomplished more with its verbiage this year than it had last time when it cut rates all the way to zero and did trillions of dollars of QE.
For six months now, folks said the Fed had made a “U-turn” and would cut rates at the “next” meeting, etc. But none of it happened — and might not happen. Here’s why, in Powell’s words.
