Many of Fed Chairman Jerome Powell’s hardest moments have come from when he sought to elaborate on the Fed’s plans, triggering backlash in the markets, writes greg_ip
Asked Wednesday when the Federal Reserve would be done cutting interest rates, Chairman Jerome Powell answered: “When we think we’ve done enough.”
Reminiscent of Supreme Court Justice Potter Stewart’s definition of pornography—“I know it when I see it”—Mr. Powell’s answer was crafted both to convey the imprecision of the task and avoid tying him down with specifics.
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