On Jerome Powell's Testimony

https://trendmacro.com/system/files/reports/20180227TrendMacroLuskin-5U.pdf
Donald L. Luskin
Tuesday, February 27, 2018
After last week’s “further” bungle, the rookie chair delivers further incoherency.
Federal Reserve
Powell’s first Congressional testimony was a train-wreck of econobabble and clichés. Regrettably, it omitted key language used consistently over the last two years by Yellen, elevating the natural rate of interest to the key policy variable. Yesterday Quarles, the other Trump appointee on the Fed, gave the most robust statement ever – that the Fed has no desire to slow the economy, and sees gradual rate hikes only as indexing to the rising natural rate of interest.