Summary:

U.S. equity markets rebounded this summer amidst speculation Jay Powell had signaled a “pivot” to a less hawkish monetary policy. On Friday, he quashed speculation interest rate policy would moderate anytime soon. But is the Fed really tightening?

Links:

Jay Powell’s Speech at Jackson Hole, WY Aug. 26, 2022 (transcript)

Plans for Reducing the Size of the Federal Reserve’s Balance Sheet (May 4, 2022)

Recent Balance Sheet Trends (Federal Reserve Balance Sheet)

Overnight Reverse Repurchase Agreements: Treasury Securities Sold by the Federal Reserve in the Temporary Open Market Operations

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