The message from markets this past week has been that Federal Reserve Chairman Jerome Powell will channel his inner Paul Volcker and deliver the fire and brimstone of large, inflation-crushing interest-rate increases in remarks at Jackson Hole on Friday. Not so fast, says Goldman Sachs Group Inc. Chief Economist Jan Hatzius. “I think he will lay out a case, as he did in his last press conference, for slowing the pace of increases. We had two 75-basis-point moves. Our expectation would be, barring significant data surprises, that the September move is 50,” Hatzius told Bloomberg Television’s Surveillance on Tuesday. ... (full story)