There’s no question Fed chief Jay Powell is as calm as they come, even as the Higher For Longer buzz gets stronger. Fed chiefs are constantly criticized in all market cycles, and Powell especially so as he beats down the worst inflation cycle in 40 years.
Nevertheless, calm as ever this week, he again reiterated a sustained high rate stance to beat inflation.
Then we all got blunted with ‘Higher For Longer’ headlines.
Then friend of The Basis Point Adam Quinones said this in his newsletter:
Jerome needs a tie-dye tank-top that says “Higher for Longer” after that SEP update.
So we had to oblige with today’s artwork.
Another special shout to Drew Angerer’s photo of Powell for Getty Images that catches Jay’s hand just so.
As for how much longer until Powell wins the inflation fight, here is a simple, fast recap of how it’s playing out.
We’re lucky to have Powell’s sober resolve and steady hand in this cycle.
And as for those who love to hate the Fed, once their smoke clears, it turns out they hate inflation more.