The Fed holds while the most senior banker in America says the price is wrong
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The warning was public, specific, and from the most credentialed possible source, and the volatility index did not move. This is not disagreement. It is a market that has learned to hear a risk statement as a genre convention rather than as information.
Appearances
The FOMC convenes today and tomorrow under new chair Kevin Warsh, with consensus expecting rates held at 3.50–3.75% amid inflation pressure from tariffs, oil and Treasury yields; Cleveland's Beth Hammack and Dallas's Lorie Logan have both flagged rising prices in their districts. In the same session, JPMorgan's Jamie Dimon said he would buy neither equities nor long-dated Treasurys at current levels, citing two wars, US–China tension, rising military spending and widening deficits. Markets rotat ...
The warning was public, specific, and from the most credentialed possible source, and the volatility index did not move. This is not disagreement. It is a market that has learned to hear a risk statement as a genre convention rather than as information.