Manchin Turns Out To Be the Only Adult in the Room
Most would agree that the central bank is entering a perilous phase; no one can remember a time when the Fed succeeded in pulling off a ‘soft landing.’
Markets rose after Jay Powell finally emerged from his politically-induced coma and announced the Federal Reserve would raise interest rates by 25 basis points, with several more hikes to follow. He also told investors he would likely begin shrinking the Fed’s $9 trillion balance sheet as early as May.
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