Revisions show the slowdown expected this year hit last year, and now is the rebound. If there’s ever a time for the Fed to not cut already low rates, it’s now.
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.
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.
