In 2013 Powell Explained Why You Should Ignore All The CNBC Talking Heads

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While Jerome Powell is understandably eating crow for his dramatic hawk-to-dove reversal in under three weeks, which has sent stocks surging in the past two weeks for the biggest rally since 2011, we noted earlier that it wasn’t the first time he had flipflopped, highlighting the difference in his outlook between the May and June 2013 FOMC meeting, the first just before the Taper announcement sent bond yields “tantruming” higher by 100bps in under 4 weeks, the second right after allowing the Fed the opportunity to digest the impact of the tapering announcement.

While we already discussed the nuances in Powell’s shift, one Powell quote from that meeting stood out, the one in which he explained his inability to anticipate

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