With stocks and bond yields in a funk as of late, Fed's Chair Powell speech managed to strike the right tone for the market to buy back risk as the case for lower rates builds up unless Trump walks back his threats and reverts the tariffs situation with China and Mexico. If that doesn't happen, Powell hinted that the path of least resistance for the Fed is likely to be a resumption of the accommodative policies, which should be characterized as a historical moment since the last time that happened was during the GFC period. If this century acts as our guidance, whenever the Fed begins a new easing cycle, it tends to ... (full story)