Fed: mission accomplished, back to base

Higher-for-longer policy rates - that's how the Fed’s position of recent months can be summed up. This is no longer the case. Jerome Powell and his colleagues have begun discussing the conditions for a rate cut. The question is no longer whether monetary policy will be eased, but when and how quickly. In terms of timing, the FOMC's projections only give points at the end of the year, without saying anything about the intra-annual profile. In terms of speed, the median scenario is...