This morning in a widely-anticipated keynote speech at the annual Jackson Hole Economic Symposium, Chairman Powell led with a strong message on the Fed’s continued inflation fight. He clearly stated that inflation remains too high, and that the committee was “prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our (2%) objective.” The only surprise here was his decisively hawkish tone.

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