"God bless Lael Brainard,'' wrote Donald Luskin, chief investment officer of Trend Macrolytics, a reference to the Fed governor who recently offered a detailed speech of why the Fed shouldn't hike.
Friday was a warning shot for the Fed: you’re near an invisible tripwire connected to recession.
A freeze would only be a fig-leaf to hide lack of spare capacity. The US will be the winner.
This wasn’t Yellen’s “solid performance” – yet fears of a September hike just won’t die.