A Healthy Correction; No Change in the Call
Jay Powell, welcome to being Chair! Recent volatility in equity markets, even before he had time to put hispictures on the wall, may seem like a hazing ritual. Sort of like the welcome Greenspan got in 1987. It looks
like a healthy, modest correction. The S&P 500 is now about 8% below its late-January peak. It would have
been reasonable to see equities as vulnerable to a correction, as many have argued, given the steady gains
in equities that had continued until last week despite continuing increases in the funds rate. Alternatively, or
additionally, it may reflect a change in market assessments of the strength of growth, the potential for
overshooting the....
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