The Fed’s Dangerous Game

It feels like Fed members are performing a poorly acted “good cop, bad cop” routine. As to “good cop,” last week, Federal Reserve Chairman Jerome Powell sounded overtly dovish in his post-FOMC meeting press conference. Wall Street didn’t need Powell to sound this way to maintain recent bullish momentum. It just needed Powell to avoid sounding overtly hawkish and the party would keep going. So, it was shocking when they got “party hearty” Powell spiking the punchbowl. Here’s MarketWatch : Federal Reserve Chairman Jerome Powell startled economists with a press conference Wednesday that was viewed as much more dovish than expected. It…