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Ambrose Evans-Pritchard: Fed wants to crush stock markets, so ignore it at your peril

Section: Daily Dispatches

By Ambrose Evans-Pritchard
The Telegraph, London
Wednesday, August 24, 2022

Beware the wrath of the U.S. Federal Reserve at this week's conclave of central bankers in Jackson Hole, Wyoming. The Fed is determined to break Wall Street's torrid and unwelcome rally, a bear-trap variant if ever there was one.

The presidents of the Richmond, St Louis, and San Francisco Federal Reserve Banks have scorched the ground in different ways over recent days, either warning that the Federal Open Market Committee is itching to raise rates by a further 75 basis points next month, or that the Fed will not hesitate to lurch into monetary overkill and inflict a deliberate recession if need be.

Even the ultra-dovish president of the Minneapolis Fed is breathing fire.

... Dispatch continues below ...


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It would be extraordinary if Chairman Jay Powell did anything other than endorse this declaration of muscular intent at the Grand Tetons on Friday.

The Fed is openly irritated that markets have jumped the gun. It thinks investors have misunderstood the unscripted comments by Powell last month -- easily misunderstood, it has to be said -- as evidence of an early "pivot" in the interest rate cycle and a licence for fresh excess in tech stocks and frothy asset markets across the world. ...

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