The Fed, torn between the economy, Trump and the markets

Last year at Jackson Hole, Jerome Powell abandoned forward guidance, which had until then driven expectations in the rate-hike phase. We are now in a rate-cut phase, but we have no forward guidance to understand where the Fed wants to go and at what pace. Does it know itself? The rate cut of last July was a compromise between various views. The one that is coming up in September is also the subject of debate, at least in terms of its magnitude. Donald Trump would like 100bp or mo...