Interest rates cuts or a "hot economy", it's one or the other

We have to admit to being a tad disappointed. If Donald Trump had announced the name of the next Fed chairman in the middle of Jerome Powell's conference, it would have spiced up the event. Powell was as boring as possible, as befits a good central banker. He would not say whether he intended to remain at the Fed as governor once his term as chairman was over. He refused to go back over the tensions with Donald Trump. Above all, he pointed out the obvious (which is sometimes useful), namely that it is not appropriate to ease monetary policy when unemployment is low, inflation is significantly above target and the economy is accelerating.