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President Biden laid out vast and expensive ambitions in his 2024 budget Thursday
The aftermath has forced the market, which long had been looking for the Fed to blink in its inflation fight, to recalibrate its own views to coincide more with policymakers who have been warning about a higher-for-longer approach to interest rates.
“We have clearly had a choreographed chorus of Fed speakers for two weeks that was getting us to that place,” said Art Hogan, chief market strategist at B. Riley Wealth Management. “It took Jay Powell, over the course of a very brief prepared statement and a Q&A, to get those expectations cemented into a higher place.”
Powell would rather be Volker than Burns. Get used to it.
Lots of chatter on web that Biden budget playing to populism while other initiatives (vetoing DC crime resolution, may incarcerate migrant families at border again) indicate he is pivoting to center away from far left "defund the police" and border crisis
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https://www.cnbc.com/2023/03/09/powell-changed-everything-this-week-on-markets-view-of-interest-rates.html Powell would rather be Volker than Burns. Get used to it.
@Derf - Check out how much the Fed has ratcheted up their overnight lending rate during the past 15 months.