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Powell gets the chance this week to make up with markets after his ‘midcycle adjustment’
Federal Reserve Chairman Jerome Powell gets the opportunity this week to make up with the markets following a remark he made nearly three weeks ago that sent stocks plummeting. The central bank satisfied investor expectations with a quarter-point interest rate cut July 31 that carried all the markings of an insurance-style move, plus some indications that further moves were possible if warranted. However, it was Powell’s news conference afterward that dampened the good spirits. Responding to a question about the Fed’s future intentions, he characterized the rate reduction as merely a “midcycle adjustment,” ... (full story)