In Fed news, Jay Powell, the new chair of the Federal Reserve, was cool, calm, and collected during his first press conference. But it was clear he is not an economist. He refused to commit to any particular economic trigger numbers for ramping up tightening moves. He basically said he would know the economy was overheating when he saw it, and he doesn’t see it now or in the near future. When questioned about the movement of the dots, he downplayed the meaning of the dot game. I was especially glad to hear that.
Read more about the Fed economic forecast and movement in stocks and bonds.
Dwight Johnston is the chief economist of the California and Nevada Credit Union Leagues and president of Dwight Johnston Economics. He is the author of a popular commentary site and is a frequent speaker at credit union board planning sessions and industry conferences.