POWELL DOESN'T LIE FOR 70 SECONDS? Yellen/Biden….back off!

He told the truth.

In Jerome Powell's fireside chat, he displayed unexpected honesty and humility: he acknowledged the Federal Reserve's past overconfidence (in December), which many pundits argue was purely political and forced, and contemplated a return to a more neutral policy stance.

"We just don't know… If, for some reason, inflation doesn't come down, we can hold rates where they are for longer. And that's what we'll do if inflation doesn't come down."

This pivot comes amid debates over the Fed's confidence and the anticipation of a June rate cut - despite expert warnings that a cut is far off given the data has not gone their way, objectively.

Why are markets still optimistic about a June rate cut?

Juxtaposed with Christopher Waller's comments on Wednesday, clearly hinting that the Fed is no longer near the point of lowering rates, is this yet another face-saving walk-back of the December move, which many say was purely political?

Is Powell, who repeatedly emphasizes his goal of a "politically neutral legacy," telling Yellen and Biden to back off?

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