We are surprised that the financial markets were surprised by the hawkish tone of remarks from Fed officials this past week. Collectively, a few participants on the Federal Open Mouth Committee pushed back against market expectations for an imminent , stressing that is not yet under control and that monetary policy must remain restrictive.
In prepared comments during his October 29 presser, Fed Chair Jerome Powell stated,
Fed Messaging Points to a More Cautious Market Cycle Ahead
