No Safety Net: The “Powell Put” Doesn’t Exist

The Fed is full of absolute masters of euphemistic, toned-down language that hides insidious and unsettling half-truths. It takes the patience of a saint and an uncanny ability to read between the lines to decipher Fed language, which is now telling us that the era of easy-money policy is in the rear-view mirror and will not be seen again anytime soon.