In the second half of July, stock markets moved sharply higher into mid-August on the hope for a shift towards an easier Fed in 2023. Real interest rates were falling then, having peaked on June 15. The markets had interpreted Powell's July comments to signal the possibility of a downshift in the pace of rate hikes.
In case you missed it, Jerome Powell did pretty much what everyone who works for him said he would. He reiterated the central bank's commitment to fighting inflation as its top priority over economic growth. Click here for more.
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