Curveball Corners The Fed – Powell Better Choose His Battles Wisely
If you went panic chasing into stocks following Jay Powell’s ‘ready to act’ speech on June 4 on the expectation for imminent rate cuts you just got thrown a curveball: Economic data just printed than better expected results. Retail sales and industrial production data rebounded from the previous months’ dismal readings. 0.5% for retail sales and 0.4% for industrial production for May.
The Atlanta Fed reacted quickly and updated their Q2 GDP model north of 2%: