Jay Powell’s Jackson Hole swan song was a testament to his practicality and political acumen. A lawyer by training, he’s always been aware of his lack of depth in economics and is suitably non-dogmatic. It’s a trait that has served him well.
Beyond simply “opening the door” to a September rate cut, Powell today threw in the towel on the policy debate he’s been engaging in with Chris Waller and other advocates of a tariff “look through” policy. (Macrolens: Powell vs. Waller, 6/20/25)
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