“A Dangerous State Of Affairs”: Why Powell Freaked Out After The Taper Tantrum

Original post

The dramatic flip-flop by Jerome Powell over the past month, when the former lawyer and PE partner mutated from a bubble-busting hawk to a BTFDove in response to the market’s reaction to the Fed’s “autopilot” comment on the Fed’s balance sheet, was not the first time the Fed chair radically reassessed his monetary policy view in response to the market.

He also did so back in 2013, before and after the Fed’s bond tapering announcement, when the US central bank

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