Powell Doubles-Down On Rate Hikes, But Bonds Say Recession Looms

Federal Reserve Chairman Jerome Powell left little doubt in the minds of Wall Street traders this week of his intention to aggressively attack the fastest inflation in forty years by essentially hinting his willingness to risk recession in order to do it. 

Speaking yesterday to the yesterday to the National Association for Business Economics, Powell revied bets on faster — and deeper — rate hikes over the coming months as inflationary pressures continue to accelerate amid surging commodity prices and supply chain disruptions linked to China’s renewed Covid surge.