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Careful Mr. Powell; Higher Rates Will Kill the Recovery

Treasury yields rose again this week; blame this one on Fed Chairman Powell.  In an interview at the Wall Street Journal’s Job Summit, he said that the Fed isn’t ready to stop the run-up in yields “until financial conditions tighten.”  In so saying, he paved the way for those financial conditions to tighten as markets immediately obliged.  We can’t help but think that it would have been better if he …Read More