Markets race to process latest ‘Powell pivot’

Changing stance: A file picture showing Powell testifying during a senate hearing. He has long held a sanguine view about this year’s sharp increase in US inflation. — AFP

MARKETS just witnessed another “Powell pivot.”

Federal Reserve chair Jerome Powell has long held a sanguine view about this year’s sharp increase in US inflation. Time and again, he wrote off the spike as “transitory” – something that would fix itself over time.